Flower Shop Owner
Beautiful bouquets and stunning arrangements spread across the flower shop. The owner had everything in place - a successful business, happy customers, yet some how still struggled to secure an optimal mortgage solution because of how they declared their income.
Being a flower shop owner meant there were many business expenses to write-off which made it look like the flower shop owner's income was bread crumbs.
The flower shop owner called their licensed mortgage broker to inquire about their mortgage options - they didn't realize being self-employed and taking advantage of tax deductions could influence what they'd qualify for with a mortgage.
After a discussion with the flower shop owner, it was quickly determined that a Reverse Mortgage would be right up their alley.
Using a Reverse Mortgage, the flower shop owner's business financial statements were used to qualify them for larger mortgage. By qualifying the flower shop owner's income differently, the self-employed owner was able to continue writing off their flower shop's operating expenses while purchasing a property which was more in line with their goals.
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Real Estate Agent
This realtor was well-known, well-connected, and absolutely killing it in the real estate business. They were always busy helping clients sell and purchase properties. Being a self-employed realtor meant there were MANY operating expenses in order to be successful. This realtor was well versed with the tips-and-tricks of the industry, but didn't realize that a Reverse Mortgage could help them maximize their purchasing power for buying the detached home of their dreams. Using a Reverse Mortgage allowed the real estate agent to have their own success story, by purchasing the detached home of their dreams even though their taxes showed that they had minimal income. <b>With a Reverse Mortgage , the real estate agent:</b>
- Purchased a home which better reflected their 'true' earnings
- Didn't have to sacrifice or alter the way they declared their income
- Was happy to have a new 'tool' for education his self-employed clients