Mary and John were denied for a HELOC because they had NO SCORES, but they needed some cash.
The Situation
Mary and John owned their home outright. No mortgage, no equity lines.
They were both in their late 60’s and living on a small pension + social security.
Their car blew up and they needed some cash to buy a new vehicle and do some home maintenance.
Why it Broke
Mary and John avoided traditional credit, making it a point to stay out of debt.
Because they avoided debt, they had no credit cards, no active trade lines, and no credit scores.
No scores + limited income meant they were not able to get a HELOC or auto loan at their primary bank/CU that would work for them.
The Fix
My loan officer friend at the bank suggested a reverse mortgage and made the introduction.
The reverse turned out to be the perfect solution. They were able to access the cash needed, maintain their lifestyle without too much stress, and still retain the bulk of their equity to leave to their heirs.
The Takeaway
Banks and credit unions are incredible at executing on traditional loans, but if the deal falls outside your box, there may still be options.
Work with Me
Do you have a deal that doesn’t work internally?
Reply to this email or call me at 616.298.2743 and I’ll tell you same-day if I can help.
You’re receiving this because we’ve connected professionally around complex lending or structuring scenarios that required a second look.