Specialty Programs
New to Canada Program
Newcomer to Canada? No need to wait to own your dream home. With our New to Canada mortgage programs, buy a home without years of credit history or employment record.
Reduced Down Payment Requirements
Many New to Canada mortgage programs offer lower down payment requirements than traditional mortgages, making it easier for new Canadians to get into the housing market.
Flexible Credit Requirements
Because new Canadians may not have an established credit history in Canada, New to Canada mortgage programs often have more flexible credit requirements, allowing individuals with limited credit history to still qualify for a mortgage.
Self Employed Program
Did you know that approximately 15% of the Canadian workforce is self-employed? At myNexus Mortgage; our team can analyze your “Stated” vs “Declared” income situation and find out the right mortgage solution.
What is a Self Employed Mortgage?
The main difference between salaried employees and entrepreneurs is that there is those on Salary have a consistent flow of income be it weekly, bi-weekly, semi-monthly or monthly while those Self-Employed don’t have the tradition consistency of income flow. As a self-employed borrower your story is different not to mention write-offs and other business expenses that eat into your gross income. We work with a variety of A & B Lenders, that understand the life of an entrepreneur and have programs designed to meet your needs.
Self-Employed Income Confirmation
Our team of Mortgage Agents are here to help you put together the most desirable application to be presented to a variety of top lenders. We will typically analyze your “Declared Income” using Tax Returns and your “Stated Income” using bank statements. This ensures the right picture is being presented to our Lenders in securing your Mortgage approval
Net Worth Program
Did you know that many Lenders have programs that consider your Investments to Qualify you when your Income doesn’t meet the Conventional criteria?
What is a high-net-worth mortgage?
The high-net-worth mortgage program is specialized program designed to support individuals with Investment assets in Non-Reg, RSP, TFSA & Real Estate Equity when their standard income does not meet the lenders debt servicing criteria. Typically individuals needs a minimum of $250,000 to qualify under this program.
How do you qualify for a High Net Worth Mortgage (HNW)?
At myNexus Mortgage; our Team will typically ask you to complete a full application to understand your overall Net Worth including Investments you hold outside Real Estate. Most lenders will typically ask for Confirmation of your Non-Real Estate assets by way of 90 days to 12 month Investment Statements.
Typically, there would be a cap on your Mortgage Approval amount based on your declared or stated income. The HNW program then considers any bank assets you own and increases your borrowing capacity between .70 cents to $1 per $1 of Confirmed Investments.
Reverse Mortgage Solution
Areverse mortgage in Canadais a financial solution for homeowners aged55 and older who want to access their home equity without selling their home or making monthly mortgage payments.
What is a Reverse Mortgage?
A reverse mortgage allows Canadian homeowners aged 55+ to borrow against the equity in their primary residence while maintaining full ownership. Unlike a traditional mortgage or home equity loan, no regular mortgage payments are required. Interest is added to the loan balance over time, and repayment typically occurs when the home is sold, the homeowner moves, or passes away.
Reverse mortgage funds can be received as a lump sum, scheduled payments, or a combination, and may be used for any purpose. The amount available depends on the homeowner’s age, property value, and location.
Key features of a reverse mortgage include:
- No monthly mortgage payments
- Tax-free access to home equity
- You retain ownership of your home
- The ability to remain in your home long-term
- Flexible payout options
Why is a Reverse Mortgage a Good Solution?
A reverse mortgage can be a good retirement financing solution for homeowners who want to improve cash flow without downsizing or selling their home. It is often used by retirees who are asset-rich but prefer to preserve savings and investments.
A reverse mortgage may be suitable if you:
- Want to supplement retirement income
- Need to pay off an existing mortgage or debts
- Plan to age in place in your current home
- Want access to tax-free funds without monthly payments
- Prefer flexibility over traditional refinancing options
Because a reverse mortgage impacts home equity over time, it should be reviewed carefully and
tailored to your overall retirement and financial goals.
