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Co-Operative & Co-Ownership Mortgages

An alternative path to home ownership

A NEW LENDING OPTION

Joint ownership made easy

As housing costs continue to rise, many home buyers are exploring alternative ownership models. Co-operative and co-ownership mortgages offer an attractive solution, allowing buyers to share in the cost of a building or house. This approach presents a more cost-effective method for acquiring a home.

Why consider a co-op or co-ownership?

Affordability
Co-op and co-ownership mortgages offer a more budget-friendly path to homeownership, allowing buyers to pool resources and reduce overall costs.
Shared costs and responsibilities
Homeowners share both exclusive and communal duties, fostering a strong sense of community and spreading maintenance costs.
Community engagement
Co-operatives create a connected living environment, with residents as shareholders working toward common goals, ideal for those seeking community engagement.
Financing expertise
Luminus Financial, experienced in co-operative financing, provides specialized guidance, streamlining the mortgage process for informed decision-making.

What's the difference?

Co-operative and co-ownership mortgages both involve shared ownership structures, but they differ in legal terms and the nature of ownership.

Co-Operative Mortgages

  • Involves purchasing shares in a co-operative corporation.
  • Buyers become shareholders in the corporation, granting them the right to occupy a specific unit.
  • Ownership is in the form of shares in the entire property.
  • Shareholders collectively make decisions about the property, and their responsibilities often include monthly fees for maintenance.

Co-Ownership Mortgages

  • Involves purchasing an undivided percentage ownership in a building.
  • Buyers own a percentage of the entire property rather than specific shares.
  • Each co-owner has the right to use the entire property, and decisions are typically made collectively.
  • Responsibilities and costs are shared among co-owners, fostering a sense of community.
Co-Op-Mortgages
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Considering a co-op or co-ownership mortgage?

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Breaking it down

Owning a condominium vs. being a shareholder/owning part of a co-operative represents distinct legal structures and considerations. The table below outlines the similarities and differences between condominium, co-operative, and co-ownership mortgages

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