Managing your mortgage during COVID-19
Measures to slow the spread of the pandemic in Canada caused the sudden closing of schools, restaurants, retailers and service businesses—leaving many Canadians with uncertain income and worried about how to keep up with payments. These strategies can help.
Data shows senior citizens especially women suffer economically.The Canadian Federal Aid of 82 Billion to address those citizens, families and businesses impacted by Coronavirus .
What is most disturbing , unacceptable and unfair is the way seniors are totally not included in this aid package . It’s beyond being Canadian to exclude our seniors from ‘we are all in this together’ financial support.
When we look at the poverty of seniors in Canada and now the burden of so many painful losses they must suffer , the insecurities the impact of the physical hardships, the pain of no family to help them , the rise in food prices, all the fears and fragilities in loss of freedom , autonomy , the severe impact of no friends and being in isolation, the aid that gives all Canadians security except seniors
shows a deep disconnect and a profound disregard for the dear seniors who are actually suffering underlying medical conditions and distress and these are the Canadians who are self isolating .
These are the people who are going to die from this exposure.
These older Canadians deserve to be given a ‘helping hand’ as they are
going to fall from life from a virus that is beyond their control !
Coved 19 Is truly equally or even more deeply catastrophic for seniors than for others.
No truly Canadian aid support that is based on our true Canadian values excludes the very most vulnerable who have given so much for us all to be who we are today as their children and grandchildren!
No visits from grandkids and no financial help for our elderly is a sad and deeply disappointing message to seniors!
Justin has forgotten seniors in the 82 billion dollars!
We as seniors deserve to be considered Canadians together with other Canadians!
Please speak up and tell Bill Morneau, Prime Minister Trudeau and Minister of Seniors , Deb Schulte seniors are deserving of being recognized and they really need assistance too!
What message are we as Canadians sending to our dear grandmother and grandfather and to all seniors ?
Does Prime Minister Trudeau or Finance Minister, Morneau really feel it’s fine to leave seniors excluded who are the most vulnerable and those with the
highest risk factors
ust wondering, what is your opinion on balloon payments that I have seen some people on social media mention that their banks have enacted in the deferment of mtg payments? I thought that was one of the financial disasters in the states when the mtg approvals were lax.
I want to have a mortgage deferral for my mortgage monthly payments due to the Covid 19
Very well said we should sign a petition
I’ve a question. If I defer my mortgage in RBC for 6 months do they charge me interest for the money I owe them for this 6 month? As i know if you skip a mortgage once a year in normal situations you will be charged interest by bank. Is this the same as that?
Stella – seniors are NOT experiencing a reduction in income, they still received their OAS, Cpp, work pension and interest on investments. Why do they need additional funding?
Yes Max Tab from what I’ve researched if you are paying say $200 a month in interest and defer your mortgage for 6 months then $1200 is added to your mortgage amount…of course plus interest!
Hello:
I emailed our Prime Minister’s office, Hon Bill Morneau, Hon. Jagmeet Singh, Hon.Andrew Scheer and Peter Mackay. Nobody has responded. The issue is excluding Vulnerable Senior “Peoplekind” as our Prime Minister calls Canadians from the simple, immediate and rational assitance without paper chasing on CPP payments. Well the SINs are already connected to seniors, payments are issued monthly and a quick boost of $500 sure can cover the extenuating costs. Not all seniors have RRIFs or private pensions – so, let’s get real and help those that need it most. Seniors do not qualify for EI, their children are adults (no child support needed) and do not run businesses. SOS…all hands on deck. The last $1.44/month increased barely covered a senior coffee at MacDonalds.
Can I get a deferral for my mortgage?
Iam a renter and I was told by my landlord they don’t qualify for the deferred payments because the house is a income property. Is this true?
Scotia Bank will allow deferrals but interest and principal will still be calculated and added at the end. There is no benefit here and not new measures. In addition I am sure the credit score will be affected.
Can you do mortgage deferrals if you have money in a TFSA? Or will the bank say you have the money to cover the payments?
Im one of the millions of Canadians that have been layed off. My question is; what would be better to do. 1 month morgage deferral or pay morgage using my rrsp funds?. Almost 2000 needed per month. Looking at one month for now.
Thankyou
Nicole
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to Ask@MoneySense.ca, where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
Mortgage Deferral, to my Understanding is a Kind of Greediness, Cheating and Harassment in Nature by Banks, I hate this and I am NOT Sorry to Say that, Banks Surely Need to be Taught Lessons,
Some Auto Insurance Companies also Come into the above Same Category as they did NOT Help and Support in this Global Pandemic for Canadians. They(like P C Financials, did NOT listen to Govt. as well as their Competitors,
My husband is on the emergency relief fund sue to health reasons. If he were to contract the virus it could be a scary situation however he has been told by his employer that he can return to work anytime.
In the meantime I am still working regular hours and we are trying to sell our townhouse to buy a house. No one has given me a straight answer as to whether we can get approved in this situation. Maybe we should stop looking for a home? One person said that if he gets a letter from his employer stating that he has guaranteed hours when he comes back, that should be good for the bank.
Does anyone have an idea? We live in B.C.
Thanks
The mortgage deferral is a money grabber for the banks.
The money deferred is added on to the mortgage….however there is an additional charge you pay wly,bi or mthly depending on how payments are set up.
The cost for mine was 4,000$ for the 6 months with an added 13$ wkly over the term of the mortgage…bringing it to a total of just under 12,000$.
Looking to get a new mortgage. Last march was pre approved for a house.and 289k. I purchased a house and have 25 percent down, so need the 289k.Since government locked me down , I now have no “formal” job ,but worked ten years and am still “technically ” employed. If I can’t get a mortgage..house closes in 6 weeks..and i put 20k deposit.what do i do..My sister will come on board to help as she works full time.. makes 51k per yr….owns a house..with 87k left on her mortgage.. Who can help us out with a decent rate?
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to Ask@MoneySense.ca, where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.