Payment assistance
Flexible options when you need them.
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Life happens — we get it.
When things take an unexpected turn and your mortgage feels tough to manage, you're not alone. We’ve got options* to help you stay on track.
When things take an unexpected turn and your mortgage feels tough to manage, you're not alone. We’ve got options* to help you stay on track.
*Options are subject to qualification and approval.
Steady support in uncertain times
Job loss, illness, unexpected expenses — life happens. Whatever financial hardships you’re facing, we’re here to help you through it.
Interest-only payments
Cover the minimum amount, interest plus any mortgage add-ons like tax or insurance plans you’ve opted into, until you’re ready to get back to your regular payments.
Things to consider:
Things to consider:
- Your mortgage principal won’t be paid during this time and the length of your mortgage will be extended
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Increase your amortization
This option lets you increase the length of time you have to pay off your mortgage, so your payments are reduced and more manageable.
Things to consider:
Things to consider:
- An increased amortization means it will take longer to pay off your mortgage
Postpone a payment
Temporarily postpone your mortgage payments for a set period of time. Additional mortgage add-ons, like property taxes or insurance premiums, will still be collected.
Things to consider:
Things to consider:
- Your mortgage principal stays the same, but interest from the deferral period is added to your balance
Payment assistance FAQs
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No, if you use any of the payment assistance options offered by MERIX, it won’t impact your credit score.
In time, any missed, postponed or reduced payments will need to be repaid. Don’t worry, we’ll work closely with you to create a plan that fits your budget so you can get back on track in no time.
Opting to use payment assistance alone won’t have an
impact on your mortgage renewal or future borrowing. If your employment status, income or other factors have changed, they may make a difference when you’re looking at your borrowing options in the future. We’ll take a look at your situation at that time and help you find a solution that works best.
Considering payment assistance?
Here’s how it works:
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Select ‘Payment Assistance’ from the menu options.
Fill out a short form to submit your request.
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We’ll send you an email to let you know we’ve received your request.
Helping you stay steady through it all
Just because it’s your mortgage, doesn’t mean you have to manage it alone. We’re here to help at every stage – even the tough ones.
Log in to explore your support options.
Log in to MyMERIX