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Bridging Generations Mortgage Guarantee
Manitoba has one of Canada's highest proportions of young farmers, with many either inheriting or in the process of transferring a family farm from the previous generation.
Bridging Generations Mortgage Guarantees assist with inter-generational farm transfers by providing young farmers with low-cost mortgage financing and a guaranteed income stream for the retiring farmer. With the retiree holding the mortgage, the borrower makes payments to MASC, which in turn makes guaranteed payments to the retiree.
- Eligibility
- Details
- Contact
- Links
Eligibility
Eligible Applicants
Qualifying young farmers must be 18 - 39 years old and personally operate the farm to which the financing applies. They must be Manitoba residents and Canadian citizens or lawfully admitted to Canada for permanent residence.
Combined annual gross off-farm income (including spouse) cannot exceed ${max_offfarm_income}. Their net worth may not exceed ${max_net_worth}, and the farm must be potentially viable and meet security requirements.
The retiring farmer must be a Canadian citizen and hold the mortgage on the sale of the land and buildings.
Details
Loan Maximum
The maximum guarantee for the Bridging Generations Mortgage is ${max_loan}.
Interest Rate
Interest rates are subject to agreement between all parties involved and cannot exceed MASC's prevailing rate minus 1.5%.
Repayment
Bridging Generations Mortgage Guarantees are for up to {max_term} years. To meet the needs of the operation and the retiring farmer, payment frequencies are flexible. Frequency of payment by purchaser can be different than frequency of guaranteed payments to seller. There are no pre-payment penalties.
Security
Loans are secured with real, personal, and/or other securities as required.
Contact
To apply for the MASC Bridging Generations Mortgage Guarantee, contact your local MASC Lending Office.
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