Helping Put a Child On Firm Financial Footing
Client: George M.
Recommended by Certified Public Account: David C.
It had always been George’s plan to help his daughter’s family begin their life’s journey on solid financial footing. To that end, he had been helping them with both their mortgage, an FHA loan with an above average interest rate, and their mortgage insurance. But George was beginning to find the obligation increasingly burdensome.
While doing his estate planning, David, George’s CPA, recommended a Lendacy line of credit, an alternative that would lessen his obligation while allowing him to continue to provide the help he wanted. David put George in touch with Lendacy. As an accredited investor, he was able to obtain a line of credit rather easily that enabled him to pay off his daughter’s mortgage and eliminate her mortgage insurance.
Now, her only expenses for the house were real estate taxes and homeowners’ insurance. And George, who had been spending $1200 a month, saw his expenses cut by more than 60% because the interest on the Lendacy loan was below the prime market rate.
Being free of these financial constraints allowed George’s daughter and her family to quickly get back on track financially. They set up a college fund for their children and began saving for family vacations. In all, they were soon enjoying a higher standard of living. Everything George had hoped to make possible for her.
He was so pleased with the result, and with his CPA’s recommendation, he has sent a number of new clients from his insurance business to his CPA. A win-win-win for everyone involved.