Meet Evan and Sarah: A good conversation can bring interesting outcomes
What Evan and Sarah Wanted: Relief and to retire
Evan and Sarah were looking for a way to move into retirement without carrying the weight of growing debt.
Evan was continuing to work, while Sarah had retired early. During the pandemic, shopping had become a way to fill long days at home. What started as an occasional habit gradually became a pattern that continued long after life returned to normal.
They had been referred to me by a licensed insolvency trustee to explore a consumer proposal. From where they stood, that seemed like the only path forward.
What We Discovered
Our first conversation wasn’t about mortgages. It was about understanding their entire financial picture.
We looked at their income, retirement plans, monthly expenses, home equity, savings, future renovations, and whether they had any emergency reserves.
We also talked about what life would look like after the debt was gone, because solving today’s problem only matters if tomorrow is sustainable.
They had significantly more equity in their home than anyone had expected. Instead of proceeding with a proposal, an appraisal confirmed the value of the home, there was enough equity to eliminate the debt, establish an emergency fund, and set money aside for future home repairs.
There was one hiccup. Sarah’s credit had been damaged, making an alternative mortgage the likely outcome if both applicants remained on the application.
What Evan and Sarah Chose
Rather than accepting a higher-cost mortgage, we explored another option.
Because this was the matrimonial home, we were able to complete the refinance using Evan as the only borrower. Sarah’s ownership and legal rights to the home remained unchanged, but removing her from the mortgage application allowed us to qualify with an A lender.
That single decision avoided alternative lending, lender fees, broker fees, and higher interest costs. Instead of spending thousands of additional dollars, those funds remained available to support their retirement.
At the same time, we connected them with professionals who specialize in budgeting and long-term credit rebuilding. Repairing credit is rarely about one conversation. It takes time, accountability, and the right support.
What It Gave Them
Their debt was paid in full, they had a competitive mortgage, lower monthly costs, an emergency fund, and money reserved for future home maintenance. In short, the new mortgage provided a way forward, and peace of mind.
Most importantly, they had a realistic plan for retirement without the financial pressure they had been carrying.
Over the next few years, Sarah will continue rebuilding her credit. When the time is right, adding her back onto the mortgage can be part of a future refinance or renewal.
Many people think they need one thing or the solution they think is the only one, a good conversation can reveal alternatives to a better future.
Although Evan and Sarah’s journey began with the expectation of a consumer proposal, it ended with a refinance that paid off their debt, protected their retirement plans, and positioned them with an A lender. One unexpected decision, removing Sarah from the mortgage application while she rebuilt her credit, changed the outcome completely.
Financial planning is rarely a straight road. Every file has a few forks along the way. Sometimes the best destination is reached by taking a path you never expected when the journey began.
If you or someone you know could use some guidance, remember, this is a judgement free space that allows you to discover potential.
