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Canadian Reverse Mortgage Calculator
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How We Secured an Extra $65,050 for Our Client.
Why a broker approach can unlock a better outcome.
The Challenge:
Jim was drowning in payments. Between a first mortgage, a private second mortgage at 12% interest, and credit cards at 22% interest, he owed over $343,380.
Jim went to the bank first, but their automated system capped his approval at only $279,950. This left him over $63,000 short. Because he couldn't pay out the high-interest private mortgage in full, the bank's offer was useless. Jim was facing a dead end.
The Solution:
We didn't accept the "No." Through our broker channel, we presented Jim's case directly to the lender's underwriting team. Using our knowledge of the bank's internal policy, we successfully negotiated a policy exception based on the strength of his property and his overall profile.
The $65,050 Difference
The Outcome:
We secured a full approval of $345,000 for Jim. This covered the entire $343,380 debt load plus the closing costs.
If Jim had accepted the bank's first number, he would likely still be stuck in high interest debt today. Their standard offer simply fell short. We unlocked the maximum tax-free cash with the most competitive rates & terms. Jim's case proves the value of an independent Reverse Mortgage Advisor.
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