Via Capitale

Benefits of the Protection

During the Protection period, in the event the beneficiary loses his employment income or dies, we will pay him a benefit equal to the mortgage payments he made and which matured during the period that he was deprived of this job. The benefit is for a maximum amount of $25,000, including principal and interest.

 

The benefit is payable if loss of employment income is for a period of more than 30 days, in which case the benefit is calculated starting on the date the job is lost.

 

Definition

The expression “loss of employment income” means loss of income from the beneficiary’s primary employment. Any amount received as a departure or retirement allowance, severance pay, separation allowance, income replacement benefit other than employment insurance, salary or disability insurance is deemed to be employment income.

 

Reimbursement in the event of multiple borrowers: We reimburse to the beneficiary an amount equal to 50% of the mortgage payments.

 

Reimbursement in the event of multiple job losses: We reimburse to the beneficiary his mortgage payments if loss of employment income results from loss of his primary employment, namely the employment which, at the time of the loss of employment, represents the greatest portion of his employment income. In this case, reimbursement will be limited to the proportion that represents the primary employment income over all of the beneficiary’s employment income.

 

Reimbursement if several dwellings are purchased: We reimburse to the beneficiary, when the property contains more than one unit, the proportion of his mortgage payments that represent the dwelling occupied by the beneficiary over the entire property.

 

Reimbursement in the event of death: We reimburse to the beneficiary’s estate his proportion of the mortgage payments included between the date of death and the end of the Protection period.

 

When a condominium is purchased, reimbursement includes condominium fees paid and maturing during the same period, up to the maximum amount of $25,000.

 

Eligible borrowers

When the protection takes effect, the beneficiary must:

 

a) Be gainfully employed and hold a regular job providing 30 or more hours per week for at least consecutive twelve months with a same employer, or

 

b) Be a self-employed worker, owner of the same business for at least 24 months, in which case, the inability to act as a self-employed worker is deemed to be a loss of employment. Business expenses will be deducted from the total income for purposes of calculating the benefit.

 

The borrower must have retained the services of a Via Capitale agency to buy the property that is subject to financing and the Protection.

 

Eligible loans

To be eligible for this Protection, the loan must:

  1. Be secured through a mortgage representative from one of the partner financial institutions approved by Via Capitale.
  2. Be granted on an existing residential building of one to five units, at least one of which is occupied by the beneficiary at the time loss of employment income occurs.
  3. Be granted for a closed term.
  4. When financing is made through a mortgage line of credit, the Protection is limited to reimbursement of the interest that matures on the amount disbursed to purchase the property.

 

Exclusions

The Protection does not apply when loss of employment income results from any of the following events:

a) A decision, an act, an infraction or other action by the beneficiary
b) A labour dispute, strike or lockout
c) A disability
d) Pregnancy, maternity leave, parental leave or adoption

 

The Protection does not apply when the claim results from a layoff program initiated by the employer prior to the Protection coming into force or results from other circumstances known to the beneficiary when the Protection took effect.

 

Coverage period

  1. The Protection takes effect on the date the deed of sale is signed before a notary and applies for a period of 12 months.
  2. The Protection terminates when the beneficiary obtains employment income representing 75% of the employment income that he was earning when the claim is made.

 

Program administrator and claims

Via Capitale administers this Protection program for the clients of its network’s agencies. Any request for information must be sent to the address below. Program conditions are subject to change without notice.

 

Claims must be submitted within 60 days of loss of employment. Refusal to send the administrator proof required to study the claim could lead to the coverage being refused.

 

Mortgage Protection
Via Capitale
2550 Daniel-Johnson, Suite 500
Laval, QC  H7T 2L1

 

www.viacapitalesells.com

 

 

 

 

Conditions of the Mortgage Protection are subject to change without notice. 


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