Ep. 76 – Should you use your home as a piggy bank? With Brad Piercey

August 07, 2021 Island Savings - Valley First - Envision Financial - Enderby & District Financial | Divisions of First West Credit Union Season 2 Episode 76
Ep. 76 – Should you use your home as a piggy bank? With Brad Piercey
Show Notes

We've all heard the story of someone who cashed in their home equity for a large sum of money - but how wise is that decision for you? Maybe you've already gotten into the cycle and need some advice to juggle your payments. We're excited this week to have Brad Piercey, VP of Corporate Credit at First West Credit Union, join your WealthBeing™ co-hosts for a conversation about the good, bad and risky ways to use home equity as part of your  financial plan.

2:50 – Hot In Money: how the recent changes to the mortgage stress test are affecting retirees .

6:05 – Expert Examination:

  • Understanding home equity compared to other lending against your property.
  • What's required to borrow against your home.
  • The reasons people take a home equity loan.
  • What financial risks you could face by using home equity.
  • How your financial advisor will help you decide if home equity is your best option.

41:25 – Financial Fix: Sheena suggests you wave a magic wand and reflect on how you think about managing debt.

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If you have an undiagnosed financial concern or want to examine a financial subject, send Kevin, Sheena and Travis your question at wealthbeing@firstwestcu.ca, and we will consider it for a future episode.

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Travis Koivula

Senior Wealth Advisor | Senior Investment Advisor 

Island Savings Insurance Services | Credential Securities

Travis has been serving the financial needs of members in the Credit Union system since 2007 and is one of the most accredited financial advisors in Canada. He holds the globally recognized Charted Financial Analyst (CFA) designation, is a Certified Financial Planner, Canadian Investment Manager (CIM), Fellow of the Canadian Securities Institute (FSCI) and a Chartered Strategic Wealth Professional (CSWP).

Sheena Sanders

Wealth Planning Specialist, Valley First

As an accredited Certified Financial Planner, a Registered Retirement Consultant and a Responsible Investment Specialist, Sheena's array of knowledge and experience means that no question goes unanswered and no opportunity ignored. For people who seek help with retirement, education, investment, and succession planning, Sheena is a natural person to have on their team. 

Kevin Lehman

Regional Manager, Business Banking, Envision Financial

When asked who has made the biggest impact in your life, does your financial advisor come to mind? If you've met Envision Financial’s Regional Manager of Business Banking, Kevin Lehman, he's likely one of your personal game-changers. After attending the University of the Fraser Valley, Kevin’s search for new opportunities led him to Envision Financial and it is here that his "seize the day" approach to life propelled him to complete the Canadian Investment Funds Course, receive his mutual fund license and lead a team of business banking advisors to help local companies thrive.