Case Studies

CHIP Reverse Mortgage


A retired couple on fixed pensions found themselves struggling to make ends meet each month. 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 in their RRSPs.

Now both in their 70s, they’re mortgage free. They love their neighbourhood 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.

GLM Mortgage Group was able to access the equity in the couple’s home and free up $300,000 in a reverse mortgage, which can be received as a lump sum payment or as monthly payments. These funds are tax-free and will not affect their CPP (Canada Pension Plan) or OAS (Old Age Security) payments.

The clients are now in a position to increase their day-to-day spending, undertake some home renovations, take a trip or use the funds however they desire. They’re not required to make any payments on the amount as long as they reside in the property for six months of the year.

Their fixed pension income was sufficient for qualification as it demonstrated there were enough funds available to cover the annual property taxes and insurance costs. The clients can now enjoy staying in their home, retaining ownership and continuing to enjoy the increase in property value.

If you would like to explore your options for a CHIP Reverse Mortgage call us now at 604.259.1203.

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Life Event


A 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 their monthly cash flow was negatively impacted. Over the course of time, they had maxed out their credit cards and line of credit. Although they were continuing to make their minimum payment each month, the interest rates were very high and the actual debt was not being reduced.

Knowing that their income was limited and they were receiving disability payments, they thought their only option was to seek private funding. They were reluctant to approach their lender for fear of losing their home.

Although the interest rate quoted by the private lender was less than the interest rate on their credit cards, it was still much higher than using a traditional lender. The couple felt they would have to obtain a second mortgage with 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 encouraged the couple to seek the advice of a mortgage broker and GLM Mortgage Group was happy to help. We were able to use the income received from the disability, and refinanced their existing mortgage and consolidated the credit card and line of credit debt at a rate of 2.35%. In doing so, the couple was able to reduce their current monthly payment by $1,500 with an annual savings of $18,000 – or $90,000 over five years.

If you find yourself in financial hardship after a life even, give us a call now at 604.259.1203.

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Purchase Plus

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

The couple had significant savings and good credit, but the price of the house they wanted plus the extra money required for renovations was beyond their means. Or so they thought, until they spoke with the GLM Mortgage Group team.

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 single young female was refinancing her home after a common-law relationship ended. After working for seven years, she found herself on disability for a work-related injury. When she approached her bank to discuss her options, the only suggestion they offered was to sell her house. Thankfully, the GLM Mortgage Group team stepped in and helped 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 had been working in the industry for more than 40 years, needed to refinance his property due to a complicated divorce. For the last 12 years, he has owned his own trucking business but, because of his unfortunate life event, fell into financial instability and owed Canada Revenue Agency (CRA) more than $30,000 in taxes.

He has almost 50% equity in his home, but his poor credit, consumer debt and, most importantly, debt towards CRA, didn’t make him a good candidate for a loan, so the bank refused his request for a refinance. Fortunately, GLM Mortgage Group was able to find 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 ran her own small business. Their combined income was average but, with their significant amount of debt, they weren’t sure they would be able to buy their dream home. GLM Mortgage Group knew what options were available including the ability for them to realize their home ownership dream and pay down their debt.


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 woman 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 had been converted to a rental property.

Her existing mortgage broker said that the new deal wasn’t possible, as she had poor credit resulting from high debt associated with her business. The GLM Mortgage Group team assured her it was possible and helped her achieve her goals.


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

A young single man decided he wanted to put money toward a mortgage and own a home instead of continuing to pay rent. He worked as a rail man and had been in the industry for more than four years. He had minimal savings, consumer debt and was paying off the remainder of a student loan. GLM Mortgage Group discussed his monthly rental payment and showed him that he could easily own a condominium with a monthly mortgage payment and strata fees for the same amount as his rent.


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

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Investment Property

Partners who owned more than 10 investment properties together wanted to buy one more. One partner lives in BC and the other in Manitoba. Due to the amount of debt associated with the existing properties, one partner had a very low credit score. One partner’s income qualified but the other partner is self-employed. The combined mortgages outstanding for all existing properties is over $1.3 million. They have a down payment of 25% for the future investment property, but lenders won’t allow ownership of more than four residential properties. Thankfully, 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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