Helping Retired Couples Relocate Without Stress
At Keystone MIC, we specialize in providing flexible private mortgage solutions that meet real-world needs—and that includes supporting retirees through major life transitions.
In this recent deal, our borrowers were a retired couple relocating within Nova Scotia. They had found their dream home and were ready to purchase it, but the closing date came before the sale of their current property. Like many Canadians in retirement, their income consisted of a modest pension and disability payments. However, they held significant net worth through investments and home equity.
The Challenge:
Traditional lenders often hesitate to approve mortgages when income is limited—even if the borrower’s overall financial position is strong. In this case, the borrowers needed a short-term loan to bridge the gap between the purchase of their new home and the sale of their existing property.
The Keystone MIC Solution:
We structured a custom private mortgage that covered:
100% of the new purchase price
Six months of interest payments (via interest reserve)
All associated fees
A $50,000 payout of the remaining mortgage balance on their existing home
Just weeks after the purchase closed, their original home sold. The borrowers used the sale proceeds to repay the loan within 6 weeks. Our open-term loan gave the clients total flexibility, and they face no prepayment penalties on payout. Keystone also discounted the lender fee in recognition of the short loan term.
The Outcome:
This deal is a great example of how private lending can work in the best interests of the borrower. The clients were able to secure their new home stress-free, without needing to wait for their old one to sell or liquidate any investments. And thanks to our open terms, they weren’t penalized for an early payout.
At Keystone MIC, we understand that not every borrower fits in the traditional lending box. Whether you're a retiree, self-employed, or simply in between homes, we’re here to help you move forward with confidence.
