Marci Deane talks with Simone McMillan of HomEquity Bank in Vancouver, BC.


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 to focusing primarily on the CHIP Reverse Mortgage product for seniors, helping them to live a fulfilling retirement with financial stability.

Simone shares how the CHIP Reverse Mortgage can benefit seniors and their families looking for a secure financial plan.

elderly couple in the park

Key Points

  • [0:38] How long have you been in the business?
  • [0:58] What is HomEquity Bank?
  • [2:44] Let’s talk about your role with HomEquity Bank.
  • [3:34] What is your role with the company?
  • [4:01] Where do homeowners go for advice?
  • [4:41] What is a CHIP Reverse Mortgage?
  • [6:01] What is the average client age?
  • [6:58] There are options for how payments are received by the client.
  • [7:32] What about people on fixed incomes?
  • [8:07] Our clients often want to stay in their current homes.
  • [9:13] Clients are able to downsize with our services as well.
  • [9:44] Figure out a plan with your advisor and broker.
  • [10:33] Can you address some of the common misconceptions and myths about reverse mortgages?
  • [11:52] One common myth is about home ownership.
  • [12:15] Home ownership does not change.
  • [13:01] How is equity affected?
  • [15:18] Even if the real estate market plummets, the loan is renegotiable.
  • [15:58] Let’s talk about the interest rates.
  • [18:00] There’s a growing market for this product.
  • [18:31] This is tax-free and not considered a part of your income.

Bright home office interior with desk, computer and shelves



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