Refinancing After Retirement

Client background: In this scenario, an unforeseen medical challenge turned this couple’s retirement into a period of financial uncertainty. They were reluctant to dip into their hard-earned retirement savings as they had a line of credit and high credit card balances piling up.

Objective: Refinance to pay off debt and alleviate financial stress so they can focus on their health and well-being.

Approach: By carefully assessing their financial situation using OAS, CPP, and an RIFF as stable income sources, our expert underwriter was able to secure a $315,000 refinance.

Key steps:

Understanding the story behind the situation:

The broker included detailed notes that told the underwriter why the clients were in this situation.

Customized Solution:

Without payslips or employment income, the underwriter looked at the couples OAS, CPP and RIFF and considered it stable income.

Document request:

We requested the couple’s statements to substantiate income, as well as a confirmation of no taxes owing.

Collaborative partnership:

The broker knew this couple needed help and that they were great candidates for an alternative refinance, so they immediately thought of Bridgewater Bank.

Outcome: Even in retirement, our expert underwriter recognized the stability of this couple’s income sources, allowing us to structure a mortgage solution that met their unique needs.

Conclusion: This deal scenario highlights what matters most to us—people. We go beyond the numbers, taking the time to understand each client’s story. In this case, we were able to help alleviate a financial burden so this couple could focus on getting back to health.

Remember to always contact your dedicated BDM before submitting a deal. They’ll work with you to ensure your clients have the best chance at approval.