Home buyers trade equity for ownership
At 24-years old, Heather Benway didn't think homeownership was possible. Not until her father was convinced he had found the solution to his cash-strapped daughter’s ambition to own a home. He introduced her to Options for Homes, and within a few weeks, Benway had qualified for a mortgage at Options' Shermount community.
She was able to become an owner because of the shared-equity model made available through Options. Now, over a decade later, Benway was able to sell her condo and buy a house in Toronto's west end.
This feature in the Globe and Mail delves into this shared equity mode, which softens the upfront burden of purchasing a home.