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Stop The Debt Cycle – Call Now!

Stop the debt cycle!  Learn how debt consolidation works and find out how much you can save, if, as a homeowner:

You have:

  • 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!

Roy Prince

Call:(289) 231 9540

email: [email protected]

www.1mortgagearranger.ca

RMAI, Real Mortgage Associates Inc.  Licence # 10464

Senior Mortgage Agent #M09002652

Written By: Jane Laker

Photo Credit: Stephen Elliott

Are you a Barrie based business looking to expand your digital footprint?  Let us know!  We can help get you Uncovered!

An Education on Reverse Mortgages

Roy Prince, of Real Mortgage Associates Inc. brings 40+ years of wealth management options! Roy has captured a market where he is able to assist those that have a more difficult time obtaining a mortgage or refinancing through their financial institution. He has a stong connection with both real estate brokers and private lending opportunities.

Roy is very astute when it comes to debt load and the best avenues for managing that. There is also the possibility that he could save you some money on mortgage payments!

The Reverse Mortgage Industry

However, Roy has a huge passion for the Reverse Mortgage industry. Even though they’ve been available here for a while, many people are still unaware of their benefits. Reverse mortgages have been available for decades in the U.K., where Roy hails from, so he’s extremely knowledgeable!

Roy is acutely aware that Seniors are struggling! As many pensions are not strong enough to cover life’s expenditures with seniors working far beyond the normal age of retirement. If you are, or know someone 55+, that owns a home, you might suggest a discussion with Roy.

Roy has given us a detailed overview of 2 Reverse Mortgage products that can ease day to day financial burdens….

CHIP MORTGAGE (Canadian Home Income Plan) TAX FREE

This is a financial solution that can give Canadians 55+ a monthly or quarterly income, clear away a current mortgage and erase credit card debt; based upon your age and the equity in your home, up to a maximum of 55%.

  A very important part of this is to understand is that you’ll have no further mortgage or credit card payments to make!

You still own your home and have a written guarantee that you will never owe more money to the bank than the market value of your home. This is important as it protects children or heirs from any liabilities.

The monies are free to be used as you please, but it certainly can help alleviate financial stressors so common today.

If there is no mortgage on your home, yet you would still like to ease your financial burdens you can use the reverse mortgage as a line of credit. You can arrange a lump sum payment, or payments structured to your financial needs

CHIP OPEN-55%

The second product is very appealing, as it becomes a very affordable way to update your home.

          Many seniors that are getting ready to downsize suddenly realize that their home should be updated to maximize the best asking price.          Using CHIP–Open, also known as the ‘Reno Mortgage’, you may again take out up to a maximum of 55% depending on age and value of your home to renovate and ready your home for selling. For example, New Kitchen, Bathroom, hardwood floors, paint throughout. You are given a 3-year window to complete any renos, list and sell your home. Again, no monthly payments until the house is sold.

At that time if your newly purchased downsized home needs a reno – it’s possible to apply for the CHIP (Reverse) mortgage.

There are so many benefits both financially and for good health! Removing debt removes many daily stressors from your life! On an even more pleasurable note, it may allow you to assist your children or grandchildren to enter the housing market with a down payment. Although interest payments are not required to be paid until the property is sold – you can elect to do so.

                         Anything that can assist in relieving financial burdens is certainly worth a discussion – don’t you think?

Call (289-231-9540) or email Roy at Real Mortgage Associates Inc. ([email protected]) because as Roy says, “Let us help “Reverse” your financial situation!”

RMAI, Real Mortgage Associates Inc. Licence#10464

Senior Mortgage Agent # M090026529

www.1mortgagearranger.ca

Written by: Jane Laker

Photo Credit: Stephen Elliott

                 Are you a Barrie based business looking to expand your digital footprint?  Let us know!  We can help get you Uncovered!

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