I have worked with this member several times over the years, including getting her into an Advantage Equity loan to consolidate debt and give her some money for improvements to her Condo. She called me a few months back, upset because she received a big assessment on her Condo and she was struggling to pay it. She also told me a contractor had bought a bunch of cupboards for her kitchen remodel and then just disappeared, ripping her off in the process. At 70+ years of age she was feeling like she would have to move into a senior apartment complex much sooner than she wanted. I didn’t want that to happen, so I suggested an Option Equity HELOC to provide a way to pay the assessment, finish her kitchen project, and consolidate some additional debt – all with just one payment. And, over the first 10 years of an Option Equity loan, all she would need to pay each month is the interest owing. She said she wanted some time to think about it, so I told her to let me know when she was ready.
Last month she called and asked me to explain the Option Equity loan option – she wanted to make sure she understood, because she really didn’t want to sell and move. I explained the benefits again, and she liked the fact this would buy her 10 years before she might need to sell and move into senior living, so she decided to go for it. During the application process, I also helped her refinance her auto loan from dealership financing to a Qualstar auto loan at a great rate. I am so glad she will get to enjoy her home for many more years to come!