Looking for Help with Your Mortgage in Ontario?

360Lending is an award-winning mortgage brokerage based in Richmond Hill, Ontario. Over 2,000 homeowners in Ontario have given us 5-star reviews and we have an A+ rating from the Better Business Bureau.

We help homeowners get the lowest rates for home equity loans, home equity lines of credit, refinancing, and other mortgage products.

👉 Click here to talk to us about getting help with your mortgage.

Falling behind on your mortgage payments? You’re not alone — and there are options available to help.

Whether you’ve recently lost your job, are dealing with rising living costs, or just trying to stay ahead financially, it’s important to know what support is out there. In this article, we’ll break down the types of mortgage payment relief that may be available in Ontario, who qualifies, and what to do next.

What Is Mortgage Payment Relief?

Mortgage payment relief means getting some temporary help so you don’t lose your home. This can come in different forms, like:

Skipping or deferring a payment

Switching to interest-only payments

Extending your amortization to lower monthly costs

Refinancing to consolidate high-interest debt

Accessing government-supported programs

It’s important to act quickly and speak with your lender or mortgage broker as soon as you notice signs of financial trouble.

Don’t Wait — Take Action Early

Many people wait too long before asking for help. The earlier you act, the more options you have.

Here’s what to do now:

Talk to your lender or mortgage broker

Explain your situation honestly. Ask what relief options are available.

Check if your mortgage is insured by Sagen or CMHC

This could unlock more flexibility.

Gather your documents

Have proof of income, expenses, debts, and recent mortgage statements ready.

Review all your options

Don’t assume your only choice is to miss a payment — there may be better solutions.

Option 1: Talk to Your Lender First

Most mortgage lenders in Canada — especially the big banks — have internal programs that allow some flexibility.

Here are some common options:

Mortgage payment deferral: You might be able to pause payments for a few months, especially during a short-term hardship. These missed payments are added to your balance and will still need to be paid later.

Interest-only payments: Temporarily switching to only paying the interest portion, which lowers your monthly cost.

Re-amortization: Extending the length of your mortgage term to reduce your monthly payment.

These options are not guaranteed. They depend on your lender’s policies and your specific situation — like your payment history, income, and credit score.

Option 2: Consider Government-Backed Programs

While there is no large-scale national mortgage relief program in Canada at the moment, there are still a few government-linked options that may help:

1. Sagen Homeowner Assistance Program (HOAP)

If your mortgage is insured by Sagen (formerly Genworth), you may qualify for help. HOAP works with lenders to create custom solutions for homeowners in hardship — including payment deferrals, lump-sum payments, or loan modifications.

How to apply:

Call your lender directly and ask if your mortgage is insured by Sagen. If so, they’ll contact Sagen on your behalf.

More info: sagen.ca/hoap

2. Canada Mortgage and Housing Corporation (CMHC)

CMHC also insures mortgages and has similar assistance programs. If your mortgage is CMHC-insured, ask your lender about temporary relief options through CMHC.

Option 3: Refinance or Restructure Your Mortgage

If you’ve built up equity in your home, and you have not missed any payments, refinancing your mortgage may help. You can:

Switch to a lower interest rate (if available)

Consolidate other high-interest debt (like credit cards or personal loans)

Stretch out your amortization to lower monthly payments

Switch to a different mortgage product that better fits your situation

If you’re locked into a fixed-rate term, there may be prepayment penalties to consider — but depending on your needs, it might still be worth it. A mortgage broker can help you compare the math and show your options.

Option 4: Get a Home Equity Loan or HELOC

If you don’t want to refinance your current mortgage, or if you have already missed payments, a second mortgage or home equity line of credit (HELOC) might be a solution. These products let you borrow money using the value of your home, often at lower rates than unsecured debt.

You can use that money to:

Catch up on missed mortgage payments

Cover other bills or emergencies

Pay off high-interest credit cards

Even if your credit isn’t perfect, there may still be private lenders or alternative lenders willing to help. This is where working with a mortgage broker really pays off — they’ll do the legwork and present you with real options.

Option 5: Sell Your Home Before It's Too Late

This is a tough but realistic option for some homeowners. If your financial situation doesn’t look like it will improve soon — and none of the above solutions are possible — selling your home before you go into foreclosure can protect your credit and help you keep your equity.

A mortgage broker or financial advisor can help you look at the numbers and make a plan if this feels like the direction you're heading.

Need Mortgage Relief? Talk to a Mortgage Broker

Every mortgage situation is different. A good broker can:

Help you understand your lender’s policies

Shop for better options with other lenders

Help you consolidate debt or access your home equity

Walk you through relief options based on your unique case