The later years of life often means retirement, and enjoying the time that it affords us. Whether it’s getting caught up on your ‘To Be Read’ pile of books, or getting more time with your family, retirement can be an amazing part of life. Are you ready to reach this stage of life, and are looking to manage your debt in preparation? Or perhaps you need to relocate or downsize, and you no longer qualify for a traditional mortgage?
It’s generally recommended to focus on paying down high-interest debt before you stop working. If you’re still in retirement preparation, take a look at those credit cards, and make a plan. Keep in mind any loans, student or otherwise, that you may have co-signed for kids or grandkids, as those can also cause trouble. If this isn’t, or hasn’t been an option for you, then it’s time to look at consolidation loans.
What is a consolidation loan?
A consolidation loan is exactly that; a loan that brings existing debt together under one payment, allowing you to pay off money owed more quickly and easily. By doing this, you give yourself a set date at which you’ll know that you’ll be in a better financial position. Add in the peace of mind and stress relief that this will give you, and you can see why consolidation would be a great option.
Why seek help with a private lender?
Whether you’re looking to downsize, renovate, build, or just get things under control, private lending can help those for whom it could be difficult to get approved for a loan with a traditional lender, like a bank or credit union. The process of applying to a private lender is much less cumbersome than with a traditional lender, and your mortgage broker can help walk you through the process.
“Due to the appreciation of home values in Atlantic Canada, many have increased the equity position they have in their home,” says Ryan MacNeil, Director, Alternative Lending at Graysbrook Capital in Halifax. “This additional equity can be leveraged to consolidate debts and could also reduce the effective rate of the total debts.”
Private lenders, such as Graysbrook Capital, give you an opportunity to think outside the box that traditional lenders are beholden to. While a solution may be a fit for one client, it may not for another, which is a situation that Graysbrook thrives in.
Do you have questions about consolidating your debt, or taking advantage of the equity you’ve built in your home? Talk to your broker. They may be able to find a solution that fits your needs!