Canada Guaranty Mortgage Insurance Benefits

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The Homeownership Solutions Program

Helping More Borrowers Stay Homeowners
The Homeownership Solutions Program

Specifically designed to help borrowers who are experiencing unforeseen short-term financial difficulty, the Canada Guaranty Homeownership Solutions Program provides lenders with greater flexibility to quickly offer their borrowers assistance while satisfying both the lending institution’s requirements and the borrower’s temporary challenges.

When short-term financial hardship occurs as a result of an unanticipated life event, early intervention can make all the difference when working towards a positive outcome. For borrowers who are highly motivated to maintain their homeownership and are receptive to working with their lender at the first sign of distress, Canada Guaranty offers effective solutions to support the mortgagors so that recovery and resolution can successfully take place.

The following scenarios represent real life examples of borrowers who received support and benefited as a result of the collaborative partnership between their lenders and Canada Guaranty.

Reason for Assistance (Borrower Circumstance) Lender’s and/or Borrower’s Request Implemented Workout Solution

Borrower Illness
Medical treatment for recovery took longer than anticipated.

Looking for assistance with mortgage arrears.
  • Canada Guaranty’s initial review indicated that, moving forward, the borrower would not have capacity to maintain the mortgage.
  • Discussions were had about listing the property for sale and support would be provided during the listing and selling process.
  • The borrower agreed and listed the property for sale. Canada Guaranty then approved a solution to address the property tax arrears, provided a three-month plan for partial payment of the mortgage installments by the borrower, and provided a capitalization of the monthly balance.

Loss of a Family Member
Following the sudden passing of a family member, the borrowers were left with unforeseen funeral costs to manage.

Looking for temporary relief from mortgage payments.
  • Working with the lender to determine the best approach, Canada Guaranty offered the borrowers a three month capitalization of the mortgage payments.
  • This provided the borrowers with the time they needed to deal with their loss and removed the added stress of trying to figure out how they would be able to pay their mortgage.

The lender’s internal guidelines always supersede those offered by Canada Guaranty; however, in all cases, our Loss Management team is available to offer ongoing support, consultation and customized solutions to facilitate the successful implementation of a workout.

If your client or borrower is experiencing temporary financial hardship, please feel free to contact a member of our Loss Management team with any questions or to learn more about the Homeownership Solutions Program options available.

Contact the Loss Management Team:

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