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Mortgage Clarity during these financially stressful times

General Angela Calla 14 Apr

Whether you’ve been directly affected by the COVID-19 pandemic or are looking to take preventative measures to ensure your financial stability, here are some tips to help you understand Mortgage Deferrals.

What is a Mortgage Deferral?

A mortgage deferral, if approved, allows you to delay the payments for the time granted, and is done on a case by case basis. These vary greatly and is based solely on the decision of the lender.  We have seen approvals between one and six months, with extended delay times for approval.

Once the deferral is over your payment will increase to be higher and on top of your regular payments. The amount will be added to each payment remaining on the term. The longer the deferral the higher your payments will be after the deferral period.

Do you qualify?

As of this moment, only those who do not have the ability to work or make payments as a result of COVID-19 will qualify. If you are still employed at this time you will not qualify.  Everyone’s situation is unique. We recommend you contact your mortgage broker or lender directly.

What about rental properties?

Some lenders will now allow deferrals on up to 4 properties regardless of occupancy. To support renters who are facing a loss of income during the pandemic, a new supplement (TRS) will offer up to $500 a month to help renters pay part of their rent and help ensure landlords continue to receive at least some rental income right now. While the rental supplement is designed to help renters pay their rent during this emergency, renters will be responsible for any outstanding rent owing after the state of emergency has ended.

Reverse Mortgages

If you or someone you know has lost money in the stock market and is over the age of 55 a reverse mortgage can allow you to access your equity in a lump sum, monthly payment or combination of the two. A reverse mortgage is not viewed as income. You will still receive any entitled pensions and not have to take further losses in the stock market if that’s how you were drawing your living expenses. They will not have to traditionally income qualify, they will make no monthly payments and have access to there equity, this is a way better alternative than utilizing high-interest rate credit cards to get by.


Angela Calla is a 16 year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at or 604-802-3983.