People think Manulife One is “riskier” than a traditional STEP, but that’s only true when it’s structured poorly.
Throwing everything into an interest-only HELOC feels good month to month, but that’s exactly how clients get burned.
The risk isn’t the product.
The risk is putting all the debt in one place with no principal paydown.
When you structure it properly, fixed mortgage for the bulk, a controlled advance for flexibility, you get upside without blowing up cash flow.
Same access.
Same flexibility.
Very different outcome.
Good structure reduces risk.
Bad structure creates it.
