Buying a Home for Immediate Family

Marci • May 21, 2015

Buying a home for immediate family with less than 20% downpayment can be a challenge. However Genworth; a Canadian mortgage default insurance provider, has a program that benefits those families who haven’t been able to save a full down payment on their second family home.

Genworth Canada’s Family Plan enables people to assist family members in buying a home with as little as 5% down payment.

You can either watch the video above or read the transcript below to find out more. If you have any questions, or would like to discuss helping a family member purchase a home, please contact me anytime!  I would love to work with you!Genworth

Video Transcript

Hello, my name is Angela Baggio and I am an account manager at Genworth Canada.

Sending a child off to university can be tough both emotionally and financially. In addition to the rising cost of tuition, students and parents often face the high costs of renting. Today I’d like to share a story of how one family was able secure housing for their daughter while building equity at the same time.

Charles and Catherine Turner were thrilled and very proud when their daughter Alison was accepted to university. They’d been waiting anxiously for the acceptance letter to her preferred school and by the time it arrived, they were unable to secure a spot in residence. Their search to find a suitable location that was safe, close to the campus and with reasonable rent was also proving to be very difficult.

Catherine then recalled a conversation they’d had with their lender when she and Charles were reviewing their plans for Alison’s post-secondary education. He’d mentioned a program from Genworth Canada called Family Plan, which sounded like it might help.

Genworth Canada’sFamily Plan program makes it possible for an immediate family member to assist in the purchase of a home for borrowers with good credit but inadequate income to meet standard qualifying requirements.

Under this program, Charles and Catherine purchased a home for Alison to live in throughout university and they were able to do so with only a five per cent down payment. The quality of the real estate coupled with the Turner family’s excellent credit history, enabled them to meet the acceptable guidelines, despite Alison’s lack of income while she focuses on her education.

In the end, Charles and Catherine got more than a home for their daughter. They found a perfect solution to their dilemma… and got peace of mind at the same time.

Genworth Canada’s Family Plan opened the door to homeownership for Alison. The Turners were able to purchase a property with a small down payment, while providing a safe home for their daughter in close proximity to the university!

Know your options and ask your mortgage professional (me) how Genworth Canada can help you realize the dream of homeownership sooner.

This video and transcript originally appeared on Genworth’s Homeownership Website.  

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What You Need to Know From the CMHC 2025 Housing Market Outlook

By Marci Deane • June 26, 2025
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Older Canadians Have Mortgage Options

By Marci Deane • June 25, 2025
Although it’s ideal to have your mortgage paid off by the time you retire, that isn’t always possible in today’s economy. The cost of living is considerably higher than it has ever been, and as a result, many Canadians are putting off retirement, hoping to make just a bit more money to add to that nest egg. So if you find yourself in the position where you’re considering your mortgage options into retirement, you’ve come to the right place. The advantage of working with an independent mortgage professional instead of a single bank is choice. When you work with an independent mortgage professional, you won’t be limited to an individual institution’s products; rather, you will have access to considerably more options. Here are some options available to older Canadians as they plan for mortgage financing through their retirement. Standard Mortgage Financing If you’ve got a steady income, decent credit, and equity in your home, there is no reason you shouldn’t qualify for standard mortgage financing, which usually comes at the lowest interest rates and best terms. Some lenders use pension and retirement income to support your mortgage application even if you’ve already retired. Reverse Mortgage Financing A reverse mortgage allows Canadian homeowners 55 years and older to borrow money from their homes with no proof of income, no credit check, and no health questions. A reverse mortgage is a fabulous mortgage solution that has helped thousands of older Canadians enhance their lifestyle. Home Equity Line of Credit (HELOC) A line of credit secured to the equity you have in your home is an excellent tool to allow you to access money when you need it but not pay interest if you don’t need it. Many older Canadians like the idea of rolling all their expenses and income into one account. Private Financing If you happen to be in a bit of a tight spot, you have a plan but need a financial solution; private financing might be the answer. Indeed not the first choice for many because of the higher interest rates. However, private financing can provide you with options where a traditional bank can’t. If you have any questions about securing mortgage financing for your retirement, please connect anytime. It would be a pleasure to work with you and walk you through all your options.

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By Marci Deane • June 20, 2025
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