We know it can be awkward to ask, plus who wants to put their parents in a bad spot? That's where HomeBridge comes in.
We know it’s tough out there, we feel it too. From coast to coast, we’ve heard from young Canadians about their uphill battles to save for a down payment while house prices continue to skyrocket.
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We help families unlock value in their home
So you can get a gift from your folks toward a down payment on a home
No payments
No moving
Not taxed
HomeBridge is on a mission to help first-time home buyers get in the game and achieve the milestone of buying their first home.
HomeBridge enables parents to gift some of the equity built up in their home to you so you can start building your own equity.
No stranger to the housing crisis in Canada, our team has seen first hand the difficulties today’s young adults face on the home buying journey.
We get it. You want to be independent and do it on your own terms, but waiting to have enough for a down payment might mean you’ll never catch up to house prices. What if you could start looking now?
Nobody wants to send an unsolicited email to their parents about home equity. The best place to start is to open up about needing help. If that doesn’t work, then maybe you’re the kind of person a home-buying facts sheet can help.
Many parents in Canada over 55 years old have built up a huge amount of equity in their homes over the years. Your parents may not even realize how much is sitting there! Play around with our calculator to get a better sense of how much equity might be sitting there ready to help you get that home.
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HomeBridge is a new solution that allows homeowners (like your parents) aged 55 and over to convert part of the equity in their home into a gift for you. It’s that simple.
Reverse mortgages can be a great option for many people as they provide a way to access home equity without having to sell the home or make monthly mortgage payments. That being said, it is important to understand the features, charges, risks and benefits associated with a reverse mortgage. We always suggest that parents should talk to a HomeBridge Advisor, or their own financial advisor, to help determine if a reverse mortgage is the right choice for them!
Nope! If your parents use HomeBridge as a way to gift you money for a down payment, it is just seen as a monetary gift to mortgage providers and there are no other impacts.
So nice of you to think of them! Depending on how much equity your parents have built up in their home, they can easily split that between multiple children, or go back for more at a later date (subject to lending conditions and approval).
In this case, they would need to repay the balance in full, which includes the amount borrowed plus any accrued interest. All remaining equity belongs to your parents after the loan is repaid.
A reverse mortgage can reduce the equity in your parents' home, potentially affecting the amount of inheritance you receive. That being said, we love the idea of a ‘living inheritance’, allowing parents to gift money to their children when they truly need it - like buying a home!
Our goal is to make the application process as simple and seamless as possible. Your parents will need to provide some information around themselves, their home and the amount they are looking to gift. There are a few additional steps including a home appraisal, but the HomeBridge team will walk your parents through it all to ensure a stress free experience!
1. https://www.orea.com/affordabilitypollingwave2
2. HomeBridge is division of HomeEquity BankTM.
