During this coronavirus pandemic we are getting many calls from families who are worried about their finances.  Financial relief takes such a stress off of families at this time of such great uncertainty.  Government programs are able to reach many families but sometimes that just isn’t enough.

One couple we helped recently are in their early fifties with two children at university.  Before COVID-19 they were just getting by financially.  Now with their two children home from university, they seem to be spending even more money.  This was a great worry and they were desperate for some financial relief.

When we sat down with this lovely couple we were able to save them over $1,700/month by custom designing their financial house the right way.

Financial Relief Plan for Couple in their 50’s 

how to invest in uncertain times

Case of the Week for Financial Relief

Clients are in their early 50’s. Mary has a salaried position as an office manager and Paul is a commissioned sales representative.

Home Value of $820,000 – Oakville Property

Here was their current financial situation

 DEBTS                          BALANCE                    MO. PMT        INTEREST

Current Mortgage           $   420,000                    $ 2,095.00             3.89%

Car Loan                        $       8,000                     $   480.00              7.9%

Car Loan                        $       2,400                     $    380.00             7.9%

Citi Loan                         $          745                     $     50.00            18.0%

L.O.C.                            $      14,000                     $    200.00             6.0%

Credit Card                    $     15,000                     $    150.00            19.9%

Credit Card                    $     11,000                     $    250.00            19.9%

Credit Card                    $       9,100                     $    200.00            19.9%

Credit Card                     $     11,000                     $    200.00            24.0%

L.O.C.                            $     14,000                     $    200.00              6.0%

Total Monthly Payment                                       $4,205.00

New Financial Relief Plan

We arranged a new first mortgage with a lender that specializes in self employed individuals.  The new mortgage consolidated all outstanding debt allowing the clients some breathing room.  This is better than using their retirement assets.

NEW Monthly Payment of $2,422.26 = a monthly savings of $1,782.74

Their new plan outlines exactly what to do with the monthly savings:

  1. Put the right type & amount of Life Insurance in place.
  2. Set up an Emergency Fund.
  3. Set up monthly contributions to Saving & Retirement Plans.
  4. Accelerated the Mortgage to pay it off years sooner & saved them over $76,708.00 in interest

Doing a plan like this alleviates a lot of stress from families and puts smiles back on their faces.

At Blackmore Levy Group, together, we design and build your financial house the right way. If you would like to receive a FREE financial check up, please contact us or call us at    1.888.520.6520 .  Let’s help you smile again!

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