A CHIP Customer Story

Customer Story – Silver Divorce (It happens)

The client was referred to a Mortgage Broker by an existing client to help out his mother with the financial aspect of her separation/divorce.

Client Details:

Early 70’s, retired with limited income, Mrs. Smith wanted to keep the only home she has known her entire adult life.  In order for her to keep her house, she required funds to pay out her husband for the balance of the division of assets.  She had sufficient income to qualify for a “traditional” mortgage, but she did not want the burden of payments given she was going to be on her own and wanted to have a little breathing room.


Although Mrs. Smith had some investments she could have used to buy out her spouse, she felt more secure leaving her investments alone and to tap in to the equity to satisfy her requirement under the separation agreement.  We set up a CHIP for the maximum she approved for and advanced only what she needed to pay out her ex.  This left her with some available credit to use down the road if she needed it after things settled.


Having an unexpected major life change come upon her, she was able to meet her financial obligations in the divorce while not incurring any extra monthly obligations that would have put an added strain on an already difficult time in her life.

Mrs. Smith was thrilled that her broker was able to come up with such a suitable solution for her.  She was able to keep the home she loved and to maintain some normalcy in her retirement.