Credit union members who are financially stressed can take a holiday from mortgage payments, under a new program to be introduced in the next few weeks.
Michael Tarr, Northern Savings Credit Union’s chief executive, said the program is intended to give help to members who are struggling due to interrupted employment caused by over six consecutive years of poor economic conditions in the northwest.
The program, called “Northern Extender”, allows qualified members to extend the term of their existing mortgage and reduce or eliminate mortgage payments for a period of up to six months.
“Both the credit union and the members who participate in the program will benefit,” Mr. Tarr said. “The member by being provided with a mortgage payment holiday period that will allow them to use their diminished financial resources for other essential family expenses. The credit union will benefit by increasing the likelihood that our members will weather the current financial storm and be able to continue, over the long run, to meet their obligations to us.”
The program will start up almost immediately at the Prince Rupert and Terrace branches, to be followed by the branches in Masset and Queen Charlotte.
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