Sometimes, life happens and you are faced with unexpected events which may put your mortgage at risk. Rather than allowing your finances and home to become part of your stress, reach out for assistance before it is too late. 

One option available to homeowners in difficult situations is the Genworth Canada’s Homeowners Assistance Program. This program is designed to help homeowners who are experiencing temporary financial difficulties as the result of an unexpected life event.

Barb Pinsent from Mortgages by Barb explains “If you have a Genworth-insured mortgage, you may be eligible for the Homeowners Assistance Program at no cost. This program enables you to work in partnership with Genworth to establish alternate arrangements to help you stay secure in your home when times get tough.” 

HOW DOES GENWORTH HELP

Genworth Canada has a dedicated team of Homeowner Assistance Specialists who are trained in identifying the best workout solutions for you. They have a number of options that may help you keep your home when faced with hardship. 

WHEN SHOULD YOU MAKE CONTACT? 

You should contact a trusted Mortgage Broker as soon as you know you are having or about to be faced with financial difficulties. “The sooner clients update me with their current situation, the wider the variety of solutions that may be offered to them.” 

SITUATIONS THAT MAY QUALIFY FOR ASSISTANCE

There are a variety of situations that may affect a homeowner’s ability to make their mortgage payments. Some common situations include job loss or reduced income, marital separation or an unexpected illness or disability.

OPTIONS AVAILABLE

There are a variety of solutions that may alleviate the temporary financial burden of a homeowner. Each situation needs to be assessed individually to determine if a workout is possible, and what the ideal workout situation is. Some of the common options that can be considered are: 

  • Capitalize arrears
  • Increase amortisation period
  • Partial or shared payment plan
  • Deferred payments
  • Restructure mortgage

“There are a number of effective avenues that can provide valuable assistance to you when you need it the most,” Says Barb. “Your first step is updating me on your current situation.” 

If you are faced with an unexpected change in your financial situation, contact Barb on 780-370-1490 to discuss what options you have to ensure that your home remains secure.