A Financial Advisor Helps a Newly Divorced Mother Recover Financially
Client: Mary M.
Recommended By Financial Advisor: Harry R
After twenty-two years of marriage, the ramifications of her divorce came as a shock to Mary M. and she left the courtroom with more questions than answers, particularly regarding her financial future.
Her hope was to maintain a positive monthly cash flow while meeting the housing, educational, and emotional needs of her children. She had money in the bank but like many married women, she had no documented income stream and her credit history, because her husband had taken care of their financial life together, was virtually non-existent.
A local real estate agent suggested she buy a home by making a substantial down payment and using a private money-lending source to purchase. Had she followed his advice, it would have resulted in a $150,000 down payment, a $350,000 mortgage at 7%, which would have resulted in a monthly housing expense in excess of $2,300.
Wisely, before committing, Mary saw Harry R., financial advisor recommended to her by her attorney. The advisor was familiar with Lendacy and he helped her arrange a line of credit with them that allowed her to purchase a home for herself and her children free and clear.
Because the interest on her Lendacy line of credit was below market rate and her assets were still entirely intact and paying her regular dividends, Mary was able to receive a check of $2100 a month after her loan payment. A far better outcome than the $2300 a month she would have paid out of pocket were it not for the Lendacy line of credit.
Now, Mary is recommending Harry to the women in her newly divorced support group.