-CONSUMER FEATURE_______________ New program provdes emergency mortgage boans to homeownmers On November 1, 2013, Ex- pert Mortgage Iaunched the "85-Alive" program in Ontar- io. The concept was simple: as long as you had a pulse, Expert Mortgage would pro- vide you with a home equity boan, up to 85 per cent of the value of your property. No job required. Bad credit, OK. The reason why Expert Mortgage could offer a "no questions asked" lending program, while the major banks could not, is that they represent over 200 private lenders who lend strictly on property value. These sub- prime lenders specialize in mortgage clients who have had some bad luck, and need a helping hand until they get back on their feet. The program has been so successful that Expert Mortgage can barely keep up with the volume of calîs. To help fund this un- expectedly large number of borrowers, it has part- nered up with dozens more private lenders. Licensed Mortgage Agent Lisa Pulcini, Expert Mort- gage's "85-Alive" representa- tive for Milton, says, 'We're seeing mostly homeowners behind on mortgage and property taxes. The banks are refusing to restructure their boans. Many of these people have lost jobs due to the bad economy... or they're self-employed. Unless you are a perfect applicant, the bank doesn't want to talk to you.'" But not everyone con- dones Expert Mortgage's easy lending criteria. A lo- cal real estate agent with 25 years of experience, who has asked to remain anonymous, says, "When this market turns dlown, it's going to get ugly! It's utter financial suicide for Expert Mortgage to be giv- ing money away s0 easily to clients without the ability to make payments. l'd be sur- prised if they're still in busi- ness five years from now." Nonetheless, homeown- ers like Anita P. don't see a problem with the program. When questioned on how she plans on making pay- ments on her moÉtgage when she has no income, Anita responds, "We were four months behind on our mortgage and they saved our house. My husband has been unemployed for nine months. He won't be un- employed forever. We used the 85 Alive boan to pay off ail our debt. We also had $25,000 left ovýýr that we put n the bank for emergencies. And to make life easy, they worked it out so we have no mortgage payments for 12 months." For more details on the "85-Alive" program, contact Lisa, AccessMyEquity.com, 1-800-762-5191. - I - I v I I i I ù I A k j- WE REPRESENT OVER 200 LENDERS Many provide lst, 2nd and 3rd mortgages even with: " Horrible Credit e Mortgage Arrears e Self -Employed " Bankruptcy e Property Tax Arrears e Pension & Disability " Unemployed * Power of Sale 6611S Voir bamk efIsr pavmooets11 THIS LOW? $280,000 $1 ,063.1 7 $M000 $1,139.11 $320000 $1 ,21 5.05 $340,000 $1 ,290.99 $360,000 $1 ,366.93 $380,000 $400,000 $1 ,442.87 $1 ,518.81 $490.70 $525.74 $560.79 $595.84 $6w0.89 $665.94 $700.99 Licence # M140 iiM v husband losi his job. Wefell behind on our mortgage. The bank was seizi our homte. 1 stîli can 't believe that you gave us an emergencýy inorigage wit/i no 1 of income. You saved our home & gave us extra cash to get by until hefinds anot job. Thanks Expert Mortgagel Y Ask us about our: COMMERCIAL - FARM - CONSTRUCTION LOA Cali Lisa Pulcini 7 DAYS A WEEK 1-800-762-51i Check us out online: www.AccessMyEqulty.cor 'o -"i -4 c O- a) a, I-fl dl oa C)s C) z 0513 j ng C- roof k- her g 0 )1 or n Mort, Monthly B1-Wevk7ýy Aiiiotifit paynielit paYmý_ýýt 1 Cail NOIý"lý) Convert 1ý)ur C, ISII!