Simone McMillan is a Business Development Manager with HomEquity Bank in Vancouver, BC. With over 15 years at HomEquity Bank, Simone excels in the business through her passion for people and experience with finances. From 2012-2013, she was the #1 National top producing BDM in Canada.
HomEquity Bank was originally founded in 1986 as Canadian Home Income Plan Corporation in Vancouver, BC. Over the years, the company’s trajectory has led them is the only Canadian bank dedicated to exclusively serving seniors, helping them to live a fulfilling retirement with financial stability.
Today, Marci and Simone talk about how The Income advantage is the 2nd type of reverse mortgage HomeEquity Bank offers and how it’s different than the Chip.
- [0:30] What is Home Equity Bank? And how long have you worked with them?
- [1:45] CHIP actually started on the North Shore by an accountant named William Turnner.
- [2:55] HomeEquity Bank is regulated the same way as the other 5 big banks.
- [3:30] Tell us about your Income Advantage Plan.
- [4:15] One way the Income Advantage differs from a Reverse Mortgage, is that if you want a little bit of money each month instead of a large one-time payout, we can do that.
- [5:10]There is a myth that seniors are sitting on homes and have no debt. This is not true, sometimes there can still be money owing on a mortgage, or they have consumer debt.
- [6:55] Another area that an Income Advantage can help is when you want to gift income to your adult children to help them buy. This is important in the North Vancouver market where a small home can be upwards to 2 million dollars.
- [8:40] Care for an elderly parent can be expensive; why not use their house to help pay?
- [10:47] We are finding that financial planners and financial advisers really like the Income Advantage as a way to get all their clients assets working for them.
- [11:37] The accrued balance is paid off when the house is sold. You can make payments, but many do not. They let the properties appreciation take care of the difference.
- [12:25] How does a property tax deferral work?
- [15:00] Marci is a certified Reverse Mortgage specialist, so if you have any questions please email or give her a call at 1-604-816-8950.
- [16:20] Both the Income Advantage plan and the Reverse Mortgage are very simple, straight forward plans.
- Web: homequitybank.ca/simone-mcmillan
- Phone: 866-542-2447
- Fax: 877-450-2447
- Mobile: 604-340-7990
- E-mail: firstname.lastname@example.org