Families Financially Crippled by this Pandemic

Who would’ve believed that the world would be going through this horrific pandemic in 2020!  Many of us are still working from home and some of us had to home school our children.  Our lives have been turned upside down.  Some of us enjoy working from home while others find it challenging and this has had a huge impact on a lot of families, financially and emotionally.

Families financially crippled by this pandemic often don’t know where to turn. We feel extremely fortunate that we’ve been able to help many families with their financial challenges. This instantly reduces their stress level and puts a smile back on their faces!  This in turn offers a huge relief for them during this time of uncertainty.

Government programs are available to help many families but sometimes that just isn’t enough.

2 Stories of Families That We Have Recently Helped

 

Financial Relief Plan for Couple in their 50’s

One lovely couple that we helped, are in their early 50’s. They both work full time and since the Covid-19 lockdown, they have both been working from home.  They have been supporting their 2 children who are in University.  Like a lot of other families, before Covid-19, they were just getting by.  Now this family desperately needed some financial help. They were one of several families financially crippled by this pandemic. Luckily, they were referred to us.

At the Blackmore Levy group, we sit down with families and individuals and gather all their financial information – the good, the bad and the ugly and custom design a personalized blueprint of their Financial House.   With this lovely family we saved them $2,350/month.  And together, we were able to build their Financial House the right way.

John is a salaried IT Consultant and Maria is a self-employed Accountant.

Home Value: $1,100,000 – Burlington Property

This was their financial situation:

Debts Balance Monthly Payment Interest
Current Mortgage $563,000 $3,210.00 4.79%
All Other Debts* $108,650 $2,829.00 *Various
Total Monthly Payments $6,039.00

* Debts:  Car Loans, Credit Cards, Lines Of Credit with varying interest rates up to 24.4%

New Financial Relief Plan

This lovely family really needed financial help to reduce their debt and relieve their stress levels during this difficult time. We arranged a new first mortgage with a lender that works with self-employed individuals. Mortgages for self-employed individuals have a different set of rules and as this article points out, an independent mortgage broker like Blackmore Levy Group can help find lenders that best suit the clients’ needs.  With the new mortgage in place we paid off all their outstanding debt and consolidated it into one lower monthly payment, which finally gave them some breathing room.  This is much better than using their retirement assets.

NEW Monthly Payment of $3,012.00 = A SAVINGS of $3,027.00 per month.

Their New Plan outlines exactly what to do with their freed up money, which puts them in a better financial position for their future.  This is what we implemented:

  1. Life Insurance – So their family and business is now fully protected
  2. Will and POA’s – They did have them but they were no longer valid
  3. Set up an Emergency Fund
  4. Set up monthly contributions to their Saving & Retirement Plans.
  5. Accelerated the New Mortgage, to pay it off years sooner, saving them over $51,300.00 in interest

Financial Relief Plan for Couple in their 30’s

Another lovely couple we helped are in their mid 30’s. They both work full time and since the Covid-19 lockdown, they have both been working from home.  They have a young daughter.  Like a lot of young families, before Covid-19, they had racked up a lot of debt and were just getting by financially.  They were living pay check to pay check with very little savings. This is another situation where families are crippled financially by this pandemic. Luckily, her Mother referred them to us.

At the Blackmore Levy group, we sit down with families and individuals and gather all their financial information – the good, the bad and the ugly and custom design a personalized blueprint of their Financial House.   With this lovely family we were able to save them $2,350/month.  And together, we were able to build their Financial House the right way.

Steve is a salaried employee for the City & Melissa is also a salaried employee at a corporation.

Home Value: $649,000 – Hamilton Property

This was their financial situation:

Debts Balance Monthly Payment Interest
Current Mortgage $340,000 $1,976.00 4.99%
All Other Debts* $  73,000 $2,670.00 *Various
Total Monthly Payments $3,646.00

*Debts:  Car Loans, Credit Cards, Lines Of Credit with varying interest rates up to 24.4%

New Financial Relief Plan

This lovely family were desperate for our help. We arranged a new first mortgage at a much lower interest rate and paid off all their outstanding high interest debt, consolidating it into one lower monthly payment. This finally gave them some breathing room. We discovered they had Mortgage Insurance and Credit Card Insurance.  We explained all the reasons why this isn’t a good idea and that they were making the Bank the Beneficiary and not their own family.  Having their own Life Insurance policy is a much better plan and they agreed, after showing them this video (In Denial) that we share with all our clients, as it explains exactly how Mortgage Insurance really works.

NEW Monthly Payment of $2,065.00 = A SAVINGS of $1,581.00 per month.

Their New Plan outlines exactly what to do with their freed up money, which puts them in a better financial position for their future.  This is what we implemented:

  • Life Insurance – Now their family is fully protected
  • Will and POA’s – They didn’t have them but now they do
  • Set up an Emergency Fund
  • Set up monthly contributions to their Saving & Retirement Plans
  • Accelerated the New Mortgage, to pay it off years sooner, saving them over $35,000.00 in interest

At Blackmore Levy Group, together, we custom design and build or re-build your Financial House the right way. If you would like to have a FREE, private and non-judgemental conversation, please contact us or call us at 1.888.520.6520.  Let us help you smile again.

If you liked this article, you may like:

Why Talking About Life Insurance is Extremely Important, Especially During this Pandemic

Huge Financial Relief for a Self-Employed Family and How We Saved Them $2,000/month During This Pandemic

Our 4 Tips to Build Your Financial House Now and Protect Your Family

Do You Know What Happens If Your Spouse Dies Without A Will or Beneficiaries?

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