[SFT Letterhead]





                                  May 28, 1999




Board of Directors
Ottawa Financial Corporation
245 Central Avenue
Holland, Michigan 49423


Members of the Board:

     We have  acted as  counsel  to Ottawa  Financial  Corporation,  a  Delaware
corporation (the  "Corporation"),  in connection with the preparation and filing
with the Securities and Exchange Commission of a registration  statement on Form
S-8 under the Securities Act of 1933, as amended (the "Registration  Statement")
relating to 283,860 shares of the Corporation's common stock, par value $.01 per
share (the  "Common  Stock"),  to be offered  pursuant  to The Ottawa  Financial
Corporation 1995 Stock Option and Incentive Plan, as amended (the "Plan").

     In this  connection,  we have  reviewed  originals or copies,  certified or
otherwise  identified to our satisfaction,  of the Plan and agreements  thereto,
the Corporation's Articles of Incorporation, Bylaws, resolutions of its Board of
Directors and such other documents and corporate  records as we deem appropriate
for the purpose of giving this opinion.

     Based upon the foregoing, it is our opinion that:

         1. The  shares  of  Common  Stock  being so  registered  have been duly
         authorized.

         2. The Common Stock covered by the Registration Statement will be, when
         and if issued,  sold and paid for as contemplated by the Plan,  legally
         issued and non-assessable shares of Common Stock of the Corporation.

     We hereby  consent  to the  inclusion  of our  opinion  as Exhibit 5 to the
Registration Statement on Form S-8. In giving this consent, we do not admit that
we are within the category of persons whose consent is required  under Section 7
of the Securities Act of 1933, as amended,  or the rules and  regulations of the
Securities and Exchange Commission thereunder.


                                            Very truly yours,

                                            /s/ SILVER, FREEDMAN & TAFF, L.L.P.