Photo Karen Graham.
Iyana Arlain can help you find a competitive mortgage option.
It’s an interesting time to be in the mortgage business with interest rate uncertainty near an all time high.
If you’re in the market for a mortgage, it might be time to speak to someone with relationships with a broad range of financing providers.
Iyana Arlain is a mortgage agent with Centum Financial Group, which is one of the largest national mortgage broker brands in Canada. She and her husband, realtor Kevin Lee, moved to the community a year ago, relocating from Stouffville. It’s safe to say that real estate drives both of their careers. Licensed mortgage professionals like Iyana offer a wide range of financing options, matching customers with financial tools ranging from traditional and private mortgages, Home Equity Lines of Credit and reverse mortgages. Among her customers are those who do not qualify for traditional lending tools, including those who are self-employed or are coming out of bankruptcy. The quick turn-around time in loans from private lenders can provide a competitive advantage, so if there is an opportunity to seize an opportunity quickly, she can help.
Iyana has noticed a growing interest in the reverse mortgage product, spurred in part by demographics. This product advances funds based on the equity in the borrower’s home. The CHIP reverse mortgage product from Home Equity Bank is for borrowers who are fifty-five years are older and can only be placed on the primary residence. Up to 55% of the assessed value of the home can be released to the borrower under traditional mortgage conditions but from a different angle: the borrower receives a lump sum or stream of monthly payments which accumulate as a loan against the property. The loan balance accumulates interest each month, compounding on a fixed or variable basis depending on the terms negotiated at the time. A term for the loan terms is the same as those for traditional mortgages, stretching up to five years. At that time, the loan expires, and the borrower has the option to repay or renegotiate, depending on the loan and property values at that time. Of course the loan repayment is automatically triggered by the sale of the property.
Customers sometimes use the reverse mortgages to consolidate debt, but some have used them in divorce situations where one spouse would like to remain in the matrimonial home. A reverse mortgage can provide the funds to buy out the spouse.
Iyana spends time developing a clear understanding of her customers’ financing needs, and helps them develop repayment plans to ensure things go smoothly at the beginning and the end of any transaction. She cautions customers to be careful when taking on long term financial commitments, and sometimes, despite her range of financing options, she is not able to provide a good solution and suggests her customers hold off until their situation improves.
To learn more about the services Iyana can provide, visit her website at www.centum.ca/sites/iyana_arlain. KG
