Manuel needs to refinance his costly private mortgage
Manuel was a government worker with nearly two decades of experience until he was injured on the job. Already living paycheck to paycheck, Manuel was eligible for WSIB and long-term disability benefits, but these only amounted to 75% of his former salary. As a result, he accumulated debt that affected his credit score. Despite his own financial challenges, Manuel was determined to provide support for his daughter, a recent graduate with student debt of her own.

Thinking he would not qualify for financing with his bank, Manuel mortgaged his home with a private lender at a high interest rate with interest-only payments. The property, in an established neighbourhood in Toronto, was in his family since 1991 and was free and clear until Manuel borrowed against it.

On the advice of a friend, Manuel consulted with an experienced mortgage broker with a comprehensive understanding of alternative lending. Manuel was surprised and relieved to learn that he was eligible to refinance a new first mortgage with Home Trust’s Equityline® Visa. This solution allowed Manuel to pay out his private mortgage and gave him access to additional funds to rebuild his credit and help his daughter get off to a good financial start.

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