As a mortgage Broker it’s a privilege to help all kinds of people with all different finance needs. Working in this industry, you start to see that no two clients situation or needs are the same and here’s a recent example of how I helped my clients with an ‘out of the box’ scenario….
I had a real estate agent friend phone me to ask for some assistance on behalf of some clients he met. They were being forced to sell their home which was heart breaking enough however they were also concerned that if they did sell their home, they would be forced out of the property market and into renting for the rest of their lives.
I got the clients details, phoned them and booked an appointment to see them asap so I could get a better understanding or what was going on and how I could help.
When I arrived, the two brothers told me how they were living in their late mothers home, since before she passed, and now their two other siblings were looking to get their inheritance out of the property.
Unfortunately, the only way they could do this was either sell the family home (leaving the brothers with nowhere to live) or if the brothers could come up with the $116 000.00 they could pay out their siblings and stay in their home.
This is where I knew I could help, I knew I could do a mortgage against the home to pay out the siblings however, the other issue was, one of the brother’s was forced into early retirement following a stroke (the same year his mother passed) which made getting a home loan a whole lot harder.
I love all my clients but this really hit home when I was sitting there listening to the brothers talk about their home and the memory of their mother and knowing their options were limited made me even more determined to help.
So the morning after my appointment I hit the phones to call all the banks, lenders and BDM’s I could to find a lender who would consider the application.
When it comes to Mortgages and Retirement, most lenders have a very strict policy which meant that out of a panel of over 30 different lenders, we had one lender that would consider the application as it was, it was only one lender but it was fantastic news for all!
But that was just the beginning. The siblings are not in an amicable place at the moment so I encouraged the brothers to contact Carolyn Ryder, a local Solicitor, to use her services so she could assist them with drawing up the Contract of Sale, liaising with the other solicitor and helping to guide the brothers through the home buying journey as this was all new to them.
Thankfully, with the help of Carolyn Ryder, Jamie from Bernats Lewis real estate and the lender that was willing to consider an ‘outside the box’ application we are just weeks away from settling the new loan so my clients can continue to enjoy living in their home.