$500,000 Reverse Mortgage in Burnaby Prevents Foreclosure for Retired Widow with No Income

Client: Retired Widow, Burnaby

Home Value: $1,500,000 CAD

Loan Amount: $500,000 CAD via Reverse Mortgage Facility

Following the tragic loss of her husband, our client—a retired stay-at-home spouse with no independent income—faced foreclosure on their Burnaby home due to a $500,000 mortgage balance. CIBC issued a foreclosure notice demanding full repayment within 60 days. Traditional lenders and mortgage brokers rejected her refinance applications because of her lack of income, leaving her in urgent need of senior foreclosure help.

Referred to us by a prior client, she sought financial guidance and compassionate service. Our team responded swiftly.

We structured a reverse mortgage solution through a Schedule I lender in Burnaby, providing a no income mortgage option that required no income verification and no monthly repayments. The loan was arranged at a competitive 7% interest rate with no ongoing lender or broker fees—only a one-time setup charge.

Key Results:

• Foreclosure Prevented: Funds disbursed in under 30 days, meeting lender deadlines

• Zero Monthly Payments: Immediate financial relief with no further mortgage obligations

• Client-Focused Service: Process managed with empathy, privacy, and rapid execution

• Financial Stability Restored: Secured housing and peace of mind to focus on healing and future planning

  
  

This case demonstrates how a well-structured reverse mortgage in Canada can provide critical foreclosure relief for retired homeowners with no income. Our strong lender relationships and client-first approach deliver timely, personalized solutions to life’s most urgent financial challenges.

Discover how we’ve helped clients secure the funding they needed by exploring our case studies. Visit our services page to see everything we can do for you.

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