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Mortgage FAQs

1. Could my repayment be extended beyond the age of 70 if I’m benefiting from an extended mortgage?

Yes, your repayment could be extended beyond the age of 70 under the following circumstances:

  • If the income to service your mortgage comes from a source that is reasonably expected to continue beyond the age of 70 years old (eg. property rental, self-employment etc.) or until you die (eg. pension),
  • If you have additional resources which can be liquidated if your income stream dries up
  • If your loan to value ratio (LTV) is relatively low (i.e., 75% or less), or your total debt service ratio is at least 10% below the prescribed ceiling
  • If you have existing life insurance policies which are assignable

2. Who can benefit from the balloon payment option?

The balloon mortgage payment option is ideal for persons who:

  • Intend to sell property to liquidate the debt
  • Expect to receive a lump sum of cash, such as gratuity on retirement payments, claim settlements, etc.
  • Buy and sell property
  • Sell other assets to repay the debt
  • Are young enough to convert the loan to a longer-term traditional mortgage at end of balloon payment period

3. Do I have to pay a lump-sum of funds at the end of my payment holiday?

No. If you have opted for a payment holiday, you may choose to honour your deferred loan payments in a lump-sum at the end of the moratorium, or you may choose to have the sum capitalized. If you choose to have the sum capitalized, the sum of your monthly payment could be increased, or you may choose to have the life of your loan extended. However, any extension to the life of your loan will be dependent on your age.

6. With the Mortgage Plus, can I benefit from the terms of any of JN Bank’s mortgage options?

Yes. You have the freedom to choose your mortgage terms based on any of the seven options available to you from JN Bank. You may receive up to 95% financing and up to $5 million in unsecured funds.

7. Can I blend mortgage options?

You may have a conversation with our mortgage experts to determine the best option for your needs.