A letter to me from the Regional Manager of Home Equity! Read all very carefully and if you think you can benefit from my services, please call or email and I will be more than happy to get you this deal rolling in no time!
Talking about the CHIP Reverse Mortgage

Dear Zoltan,

When you know who you are talking to, the conversation with them becomes that much easier. Talking about the CHIP Reverse Mortgage with your 55+ client is no exception. Every customer is different and it’s important that you can identify and understand what matters to each customer. A 2014 study with Deloitte about Canadians in debt revealed that HomeEquity Bank’s 55+ clients fall into 4 distinct groups, based on their different financial needs:
 
“I need to alleviate the stress of debts”
This customer may be struggling with mortgage payments, credit card bills and car payments. They may be putting their childrens’ needs ahead of their own and helping with tuition, buying a house or purchasing a home. They are reluctant to tap into their savings or investment portfolio. While these clients aren’t looking to go on an expensive trip, they want to ease their daily financial stresses and worry.
 
I need to pay for an unplanned expense
This customer may be facing an unexpected home repair such as a leaky roof or a flooded basement. They may have had to retrofit their house for mobility reasons or have hired healthcare assistants for day-to-day living. The are facing a short-term financial strain and need funds to bridge the gap and take care of a necessary cost.
 
I want to live life to the fullest
Many Canadians 55+ finally have the free time to travel, but not the funds to do so. They may want to purchase a summer property or a vacation home somewhere warm. Others may find themselves short on funds for entertainment. This client now wants to live the retirement lifestyle they’ve always dreamed of. The money they need is for enjoyment. They can survive without extra money, but they desire it to truly enjoy their golden years.
 
I need to maintain my standard of living
Many Canadians 55+ find it difficult to adjust their lifestyle after they retire. They have become comfortable with a certain lifestyle while working, and while retirement provides more free time, they now lack the funds to dine out, go to the theater, shop and travel like they used to. They are experiencing a shortfall in their retirement fund; in order to maintain their lifestyle, they have to supplement their monthly income or augment their pension income. This group is coming to you to find a way to create some breathing room with their finances.
 
To determine which group your 55+ client falls into, listen for cues in what they are saying. Ask questions such as:
 
“Do you have enough money to enjoy retirement as you had planned?”
“Are you facing any unexpected expenses?” “What would you do if you had a little extra money?”
 
Their answers will help you determine which group they fit into, and how to introduce the idea of The CHIP Reverse Mortgage in a way that best resonates with them.
 
Your 55+ client base represents big potential for marketing The CHIP Reverse Mortgage. Contact me to find out more about this demographic and how we can grow our business together!
Sincerely,
Dodi