Stop the debt cycle! Learn how debt consolidation works and find out how much you can save, if, as a homeowner:
- Credit Card Debt
- You are making minimum monthly payments only
- You have missed making payments
- You have fallen behind in utility bill payments
- You owe money to CRA
- You owe money in Student Loans
- You are behind in support payments
- Property tax arrears
Talking to an expert we learned there are so many ways that they are able to assist us with our debt load – while repairing the all important credit score.
Roy Prince, of Real Mortgage Associates Inc., is a long time professional in the field of finance.
He tells us that if there is equity in your home, using a broker with a vested interest in doing their best for you as a client is the right starting point.
Very often homeowners can find themselves with ‘bruised’ credit through no fault of their own.
This can happen because of a messy separation or divorce; unexpected illness and loss of employment, or in the past year – missed payments due to COVID related issues. Credit scores may be adversely affected!
With each individual situation the broker works with YOU to help YOU.
Case in Point
- A client was referred to Roy through her lawyer.
- She had been married but was now a single mom of 3 young children living in the marital home.
- Her ex-in-laws held the mortgage on the home.
- The ex-in-laws put a Power of Sale in place on the property.
- Roy was able to assist his client out of the Power of Sale; obtained a new mortgage in her own name, giving her a stable home life for her and the children.
Roy explains that Brokers represent you, their Client, not the Lenders. A broker is able to seek out the very best lender to work with you in your individual situation.
Case in Point
- As a broker Roy is seeing Seniors, aged 55+ and even clients age 65 – 74 years of age, coming to him with 200k, 300k+ in mortgage and credit card debts.
- Most debt is coming from credit card debt or loans from ‘high street’ loaning institutions.
- Interest rates are anywhere from 19-30% on common credit cards,40%+ on monies from the ‘high street’ loaning institutions.
- As long as there is equity in the home, Roy is able to offer a variety of products to pay off existing mortgages.
- If you are 55+ years of age, and you have a mortgage and finding it difficult to keep up with payments we can lend up to 55% of the value of your home to pay off your existing mortgage; with no monthly payments to meet.
Roy knows that different people carry debt for different reasons: knowing that – he also understands that choosing the right mortgage solution can be overwhelming.
Asking advice from a qualified expert – like Roy – will give you invaluable options.
Let Roy assist you into a better position than you are right now!
STOP THE DEBT CYCLE!
Written By: Jane Laker
Photo Credit: Stephen Elliott