Mortgage loan insurance: retirement housing
Mortgage insurance for seniors’ retirement housing
Record updated
- Funding available
- Varies by project
- Deadline
- Unspecified
- Location
- Canada
- Who can apply
- Developers seeking to build, buy or refinance a retirement home for seniors.
- See full eligibility
Overview
Mortgage loan insurance: retirement housing offers developers flexible mortgage financing to build, buy or refinance retirement homes for seniors. Eligible projects house seniors needing minimal to moderate care to live independently, with construction advances, preferred interest rates and amortization up to 40 years for existing properties or 50 years for new construction.
At a glance
Funding available
Varies by project
Eligible candidates
- Location
- Canada
- Eligible Industries
- All industries
- Annual revenue
- All revenue ranges
- Organisation size
- All organization sizes
- Audience
- All groups
- Legal structures
- All legal structures
Receipt of requests is now closed
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Availability timeline
Eligibility
Who is eligible?
- Developers seeking to build, buy or refinance a retirement home for seniors.
Who is not eligible
Projects subject to a prohibition under the Prohibition on the Purchase of Residential Property by Non-Canadians Act are ineligible.
Activities funded
- Build, buy or refinance a retirement home for seniors.
How to apply
- Fill out a Certificate of Insurance application form.
Documents Needed
Lender-authorized insurance request, equity evidence, appraisal and rent roll, borrower financial and experience records, transaction-specific documents, and a market study where required.
Selection criteria
CMHC assesses loan-to-value and debt-coverage ratios, borrower experience, net worth and required guarantees.
Processing and Agreement
Construction financing requires cost verification, a fixed-price or construction-management arrangement, and CMHC approval of initial and final advances.
Official sources
