When life delivers an unexpected blow – like a serious illness, a marital separation or loss of employment – it can be difficult to stay on track. Sometimes, it can even put your ability to make your mortgage payments at serious risk.
This scenario shouldn’t mean that your home, and everything you’ve worked so hard to achieve, be in jeopardy. Often, there is help available if you know where to look.
Many Canadian homeowners – particularly first-time homebuyers – carry mortgage default insurance on their homes – in fact over 45% do. These individuals may have access to assistance programs to help modify their loans should they experience a temporary financial hardship.
For example, if you have a Genworth-insured mortgage, you can take advantage of their Homeowner Assistance Program at no extra cost. The program enables you to work with Genworth and your lender to establish alternative arrangements so you can stay secure in your home when times get tough. It’s for Canadians facing a variety of difficult situations, including:
• Work challenges, such as job loss, a strike, or even reduced income
• Health issues, such as injury or illness to yourself or a family member
• Life developments, such as marital separations or a death in the family
You also have the ability to review your options from the privacy of your own home by using the Homeowner Assistance Evaluator, a new self-assessment tool that can be accessed online. It helps concerned homeowners better assess their financial situation and provides potential solutions to help you stay in your home.
With programs like this available to homeowners, a little bit of education and effort can make the difference between a negative outcome, and finding help when you need it the most.
To assess your own situation, visit www.HomeownerAssistance.ca or contact your lender.