How We Work
5 minute read
If you've gotten this far into digging into us, at this point you might be wondering what the actual process looks like working with us. This chapter breaks down our process and explains how we work with you and Canada's reverse mortgage lenders to get you the best deal.
Four Lenders Are Better Than One
The reverse mortgage landscape in Canada has finally gotten interesting, and that's great news for homeowners! For decades, there was really only one option - HomeEquity Bank's CHIP mortgage, launched way back in 1986. Then Equitable Bank joined the game in 2018. Next came Bloom Finance in 2021 and they were the new kid until 2025 when Home Trust became the fourth lender!
Why does this matter? Because for the first time in 30 years, there's actual competition in the reverse mortgage market. That means more competitive rates and more product options. It also means having a broker who knows how to navigate them all and can make sure you're getting the best rate is more important than ever. Each lender has their own sweet spots. Some love properties in smaller towns, others focus on big cities. Some offer better terms if you might move in a few years, others have more flexible ways to access your money. Our job is knowing which one will work best for your specific situation.
And here's something worth noting - you don't pay us for our services. The lenders pay us a finder's fee, but that doesn't affect your rate. In fact, because we can take your application to multiple lenders, you usually end up with a better rate than if you'd gone directly to the bank. They know we're shopping around for you, so they offer us their best rates when we negotiate on your behalf.
The Steps In Our Process
1. First Contact
We start with a quick chat (usually around 15 minutes). You tell us what you're hoping to do, we ask a few questions, and together we figure out if a reverse mortgage is even a good fit for you or not.
2. Basic Paperwork
If things look promising, we'll ask for a few simple documents. Just email them over or snap some photos with your phone. No need to dig through filing cabinets or figure out how to work that printer collecting dust in the corner.
3. Application Time
Once we receive the documents we need for compliance, we'll call you and complete a mortgage application over the phone. There is still no commitment at this point. We can call you right after we've gotten the documents we need, you can call us, or we can book a time to do this application. It usually takes around 20 minutes.
4. Finding Your Best Option
Time for us to earn our keep! We take all the information we've received at this point and look at what all three lenders can offer, their current rates, terms and which option might work best for you.
5. Comparing your options
Once we've come up with a plan, it's time for us to go over it with you. We usually call to discuss it with you, and right after our call, send over an email outlining what we've discussed on the phone. It's during this call that we dig into the details, and you can bring your kids or other family members into the conversation if you'd like. We're happy to explain everything to them too - after all, this decision affects the whole family.
6. Time To Think – Very Important!
Then we give you time to think it over. Some folks need a day, others need a week or two to discuss with family. There's no rush - this is your decision on your timeline.
7. Making It Happen
If you decide to go ahead, we handle everything behind the scenes. At this point we submit the file to the bank like we discussed. We also handle ordering an appraisal. You just need to pick a lawyer (or we can recommend one), and we'll keep you posted on how things are progressing without drowning you in the details.
What to Expect Along the Way
We've designed our whole business to work smoothly over phone, email, and text. While we've got a pretty cool office setup here in Salmon Arm, British Columbia, we know you've got better things to do than drive across town (or the country) to talk mortgages.
You can expect:
- Quick responses (usually same day)
- Clear explanations without the banking jargon or a pushy salesperson.
- Regular updates on your application's progress
- Someone who actually picks up the phone when you call (and you'll hear a friendly Canadian accent on the other end - we're all right here in Salmon Arm, not in some overseas call center)
- Time to think things through – we’re not in a rush, and neither should you be.
We've been helping Canadians with their mortgages for nearly 50 years, and we've been in the same Salmon Arm, British Columbia office for over 20 of them. When you work with us, you're working with a crew that's not going anywhere.
Want to learn more about why we do things this way? Check out "Our Values" next - it's where we spill the beans on the method behind our laid-back madness.
P.S. - We're usually fastest to respond by email, phone or text, but if you're ever in Salmon Arm, stop by the fishbowl. Tom might even show you his latest project (just don't get him started on his truck restoration unless you've got an hour to spare).