Canada Guaranty Mortgage Insurance Benefits

Mortgage Insurance Insights Newsletter

The Homeownership Solutions Program

Helping More Borrowers Stay Homeowners
The Homeownership Solutions Program

“Life can be unpredictable and when short-term financial hardship occurs as a result of an unanticipated life event, early intervention can make all the difference in reaching a successful resolution. For borrowers who are highly motivated to maintain their homeownership and are receptive to working with their lender when experiencing financial difficulty, Canada Guaranty offers effective solutions to support the mortgagors in reaching a positive outcome.”

- Donna Parissi | Director of Loss Management, Canada Guaranty

Designed to help borrowers who are experiencing unforeseen short-term financial difficulty, the Canada Guaranty Homeownership Solutions Program provides lenders with greater flexibility to offer their borrowers assistance while satisfying the lending institution’s requirements and the borrower’s temporary challenges. The following scenarios represent real life examples of borrowers who received support and benefited as a result of the collaborative efforts between their lenders and Canada Guaranty.

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

Reduced Income

Mortgagor had an accident at work and had to go on short-term disability

Looking for assistance with mortgage payments during recovery
  • Canada Guaranty’s discussions with the lender and borrower ascertained that the mortgagor would be on short-term disability for a limited period of time to recover from the injury. Once recovered, the mortgagor would be able to return to full-time employment and resume their full income.
  • Based on input from the lender, a capitalization for two months of mortgage payments was applied, thereby removing all stress so that the mortgagor could focus on their recovery.

Severe property damage and mortgagor evacuated for required repairs

Following a fire, the mortgagor had to find temporary accommodations while the home was being repaired

Looking for assistance with mortgage payments during repair period; unable to manage both the mortgage and cost of temporary accommodations
  • Working with the lender, Canada Guaranty determined that an extended capitalization would be required to provide support to the mortgagor in these unfortunate circumstances.
  • This provided relief to the borrower on both a financial and personal level, removing the added stress of trying to manage both their mortgage and the temporary rent.

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 and the options available.

Contact the Loss Management Team:

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