Reverse mortgage demand has been steady for some time now, with reverse mortgage debt reaching an all-time high of $4.03 billion in January of 2020.
However, with the onset of the COVID-19 pandemic, demand for reverse mortgages could be increasing even more.
HomeEquity Bank VP of Referred Sales, Sue Pimento, recently told Mortgage Broker News that they have seen a “drastic” increase in business enquiries related to reverse mortgages.
The reason, she said, is that Canadians over the age of 55 are looking for financial relief during the pandemic, but do not want to sell their house.
Equitable Bank has also seen increased demand since the pandemic began.
On the Purview blog, we are looking at this Canadian mortgage trend and how you can tap into the market using technology. Read it here: https://www.purview.ca/demand-for-reverse-mortgages-increasing/