We tend to think small when we consider our own personal financial problems. What I mean is that we consider the small and confined pre-determined options that the banks have made popular as our only potential solutions. Funny when the information age has presented all sorts of new methods to solve financial problems. Online crowdfunding and angel investing come to mind as some of the new and fresh thinking. This can also work when it comes to providing a friend with a personal loan as ‘Jack and Jill’ will illustrate.
Jill Was Climbing A Big Hill
The sun was blinding through the window of my office as an oppressive heat wave made its way through Barrie Ontario. I didn’t even see Jill come into the front of the building as the glare was keeping me focused at my desk. As she was showed in, I could see the haggard look that wears a person down from climbing the debt mountain too long produces.
Jill had been doing everything right since her husband’s early passing. She used the life insurance money to pay off debt, kept a budget, and even cut costs by doing a number of services for her neighbors on top of her full time employ. The event that truly grew her problem was when she heard from her bank that her mortgage insurance would not pay off this debt as her husband’s pre-existing medical condition meant he was never qualified for the coverage. I know you may be shocked to read this however post claim underwriting it is actually quite common. The bank gave her back the premiums they had paid over the years and washed their hands.
Fetching Water The Hard Way In Barrie Ontario
Now Jill’s day to day life consisted of paying for the family’s full expenses with a single income. Over time things started to slip and the debts began to pile up once again. In exploring her options she was told that she was not a good risk for additional mortgage debt as her single income could not service the additional debt even though her credit was sound. Jill became a little emotional at this point as she illustrated that it felt like the harder she worked the more she needed to. She was running up and down the hill so fast to fetch a pail of water that she didn’t realize that this was affecting her own health and well being.
Jack Can Help With Jill’s Problem
After a a couple of days of taking the time to look at all the factors affecting Jill’s situation – we discovered her solution. Jill had recently met a new friend named Jack. Jack was the bright spot in the midst of a life of heavy toil and stress for Jill. He really did want to assist her in getting her life back on track. Jill even confided in me that she was hopeful that somewhere down the line their lives might come together and become one.
I was excited to learn that Jack was on board with providing a personal mortgage loan to Jill to assist her in getting things turned around. In this case, Jack was sitting on a pile of unproductive registered funds that were gathering dust in his portfolio. I suggested that we explore the option of a Self Directed RSP Mortgage and structure a personal Private Mortgage Loan to meet the need. This was met with a receptive audience and in short order we took Jill’s daily climb and turned it into a walk in the park with a great new friend.
Barrie Personal Mortgage Loans Are Not A Fable
I believe it is time to take the power back from those who think they hold the purse strings of our lives. We as people who have worked hard to get ahead in life should look to ourselves and each other to solve our troubles and increase our wealth as private citizens. It is my goal at Mortgage Truth to provide you with creative options to those ends. It does not matter where you find yourself in life – there are solutions for debt consolidation, home equity loans, and even private mortgages for the tough to solve life issues. Let’s cast off the small and hindered thinking the banks impose on us and raise the tide for everyone by looking for solutions that empower each other. Thinking bigger will make the difference – your comments welcomed below.