Background
This client, a 62-year-old widow in Tiny, Ontario, faces financial uncertainty after the loss of her husband, who was the primary income earner. With a private mortgage nearing its term and no active credit, she needs to refinance her home to consolidate debts and secure her financial future.
Financial Details
The Journey
Despite the challenges of having no active credit and a non-conforming financial profile, this application would be approved due to substantial stable pension income, presence of help from adult children and significant equity in the property. The refinancing would consolidate debts but also provide a tangible monthly saving, ensuring continued comfort in her family home. This story underscores the importance of home equity in achieving financial peace during retirement.
SCORE Program
This deal would qualifiy for our SCORE Program, which means we’d run a soft inquiry after 2 quarters and if the client’s Beacon has improved by at least 30 points, we’d drop $500 on the principal. After 4 quarters, we’ll do it again if the Beacon has remained the same or improved further. AND! we’ll quadruple this broker’s MQ Points at the end of the year if they qualify for ICON Innovator status or higher! Qualifying partners earn 20 bps on SCORE Program deals!
