Case Studies

CHIP Reverse Mortgage

pexels-photo-302083A retired couple found themselves struggling to make ends meet each month on their fixed pension funds.  Both were in good health and wanted to maintain an active lifestyle.  They had spent their working years paying off their mortgage and had little saved into RRSP’s.

They are now both in their early 70’s and are mortgage free.  They love their neighborhood and want to remain in their family home.  Like many people who live in the Greater Vancouver area their house has increased in value significantly and is now valued at $850,000.00.

GLM Mortgage Group was able to access the equity in the couple’s home and provide them with over $300,000.00.  These funds can be received as a lump sum payment or the clients can choose to receive a monthly payment.

These funds are tax-free and will not impact the current amount being received in CPP or OAS payments.

The clients are now in a position to increase their day to day spending, doing some home renovations, travel or use the funds however they desire.  They are not required to make any payments on the amount for as long as they are residing in the property for 6 months out of the year.

Their fixed pension income was enough to qualify as we only needed to show that there are enough funds to cover the annual property taxes and insurance costs.

The clients can now enjoy staying in their home, retain ownership and continue to enjoy the increase in property values.

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Life Event

neighborhood-1-1496240A working professional couple found themselves in financial hardship after one of them was injured and went on long term disability. Their income took a significant hit and the monthly cash flow was negatively impacted. Over the course of time they found themselves with their credit cards and line of credits maxed. Although they were continuing to pay their minimum payment each month the interest rates were very high and no debt was being paid down.
Knowing that their income was limited and they were still receiving disability payments they thought their only option was to seek private funding. They didn’t want to go to their lender or broker because they were concerned that after finding out they were receiving disability payments the bank would take their house away.
Although the interest rate that the private lender was going to provide them was much less than the interest rate on their credit cards it was still much higher than using a bank. They were going to take out a second mortgage paying a rate of 10% plus a lender fee of up to 6% of the loan amount. In addition the term would have been One Year with a renewal fee of 1% for the total amount borrowed at the end of the term. A friend gently encouraged the couple to seek the advice of a Mortgage Broker.

GLM Mortgage Group was able to use the income received from the disability and refinanced their existing mortgage and consolidated all of the credit card and line of credit debt at a rate of 2.35%. In doing so they were able to reduce their current payment by $1500.00 a month with an annual savings of $18,000.00 and a 5 Year savings $90,000.00.

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Purchase Plus

A young family owned a townhouse but wanted to sell it and buy a detached home that desperately needed renovations. The husband was employed as a Project Manager and the wife owned her own small business, but was just a new graduate from university.

They had strong savings and good credit but the house they wanted to purchase plus the extra money for renovations was just beyond their means. Or so they thought until they spoke with someone from GLM Mortgage Group.

If you would like to purchase a home that is in need of Renovations call us now at 604.259.1203

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Bank Says "No"

A young single woman was refinancing her home after a common-law relationship ended up dissolved. After working for seven years, she ended up being on disability for a work related injury. When she approached her bank to discuss her options, the only recourse that they had for her was for her to sell her property. She did not want to lose her home. But it seemed like she had no other option except to sell.

That was until she spoke with the team from GLM Mortgage Group. They had an option for her.


Even when the bank says No we can say Yes.  Call us now at 604.259.1203.


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Private Deal

A truck driver, who has worked in this industry for over 40 years needed to refinance his property due to a messy divorce. For the last 12 years he has owned his own trucking business, and due to this unfortunate life event, has fallen into financial instability and now owes Canada Revenue Agency (CRA) over $30,000 in taxes.

Even though he owns almost 50% equity in his home, his poor credit, consumer debt and, most importantly, debt toward CRA did not make him a good candidate for extra money and, therefore, the Bank has refused his request for a refinance. GLM Mortgage Group gave him the solution he needed.

For more information on a Privately Funded Mortgage call us now at 604.259.1203.


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Cash Back

A couple with two young children wanted to buy a detached home with a rental suite. They had several thousand dollars of consumer debt and no down payment. The husband was employed and the wife had her own small business. Overall, they had an average income with a lot of debt. They didn’t think they would be able to buy the dream home they were hoping to have some day.

But GLM Mortgage knew what options were available to them and knew that they would not only be able to buy their dream home but also be able to pay off their debts!


For information on how you can get Cash Back on your Mortgage call us now at 604.259.1203



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Business for Self

A Permanent Resident living in Alberta wanted to purchase a second home. She owned her own successful business but was reporting personal income of just under $8,000/year. She had purchased another property within the prior 12 months which was now converted to a rental.

Her existing Mortgage Broker said that the deal could not be done as her credit was poor due to high debt utilization with her business. GLM Mortgage Group said it could be done.


For more information on Business for Self and your Mortgage call us today at 604.259.1203

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First Time Home Buyer

GLM - first time home buyer(case study)A young single man decided that he wanted to put money toward a mortgage and own his own home rather than paying his hard earned money toward a Landlord. He worked as a Railman and had been in this industry for over 4 years. He had minimal savings, consumer debt and was paying off the tail end of a student loan.

GLM Mortgage discussed his rental payment of $1,250 and showed him that he could easily own a condo with mortgage payment and strata fees totalling the same amount he was paying for rent.


We will make your First Time Home Buying experience seamless.  Call us now at 604.259.1203.

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Investment Property

A Partnership decided to invest in some property in Northern BC. They owned over 10 properties together and wanted to buy another. One partner lives in BC and the other partner lives in MB.

Due to high utilization of debt in order to purchase the other properties, one partner in particular had a very low credit score. One partner income qualified and the other partner is self-employed. Between all the properties owned, this partnership had mortgage exposure of over $1.3 million dollars. They had a down payment of 25% for the investment property. Most Lenders don’t allow ownership of over 4 residential properties, but GLM Mortgage Group had a solution!


Let GLM Mortgage Group guide you through the process of purchasing an Investment Property .  Call us now at 604.259.1203.


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Debt Consolidation

An Ontario couple wanted to consolidate their debts and refinance their mortgage. They had several thousand dollars in consumer debt along with their mortgage and a secured line of credit that was almost at its limit. Their monthly payments for debts alone ended up being almost $2,700/month. With an income of only $45,000 between the two of them, they were not able to make ends meet. They approached their bank who promptly said no!

GLM Mortgage Group was able to arrange a mortgage that consolidated ALL debts and reduce the monthly payment to just over $1200/month. Utilizing a longer amortization, this couple went from almost losing their home to making significant contributions toward debt.


If you need to Consolidate your Debts and experience financial relief call us now at 604.259.1203.


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