It may seem counterintuitive but most lenders will not consider ODSP (Ontario Disability Support Pension) income when checking to see if you can afford a mortgage.

But it seems to me that if you are permanently disabled and that status has not changed for years and is not expected to change in the foreseeable future, that this would be considered as a pretty secure source of income. Regardless, most lenders do not consider it as a “permanent source of income”.

This seems not only contradictory but also discriminatory to me. How secure is any job nowadays? Lenders generally look for an employment history of 2 years before giving their stamp of approval. Although statistically it may reduce their risk by lending money to borrowers who have had stable employment for 2 years, that in no way predicts the future. It would seem to me that a disability income would be far more reliable than any job and should be factored as income when checking mortgage affordability.

Fortunately, there are ways to make it work. There may be some lenders that will consider it or you may need a cosigner. Talk to a mortgage broker today before accepting “no” as an answer!

Robert Floris is a mortgage planner with Mortgage Architects, located on the East Hamilton Mountain. You can reach him at his website: www.robertfloris.com or phone 905-574-9200 Ext. 215 or email at mortgages@robertfloris.com.