Stop Worrying About Money in Retirement
No Income Requirement- No Credit Requirements
- Fast Easy Approval
- Get Up To 65% of Your Home Value
- Use Funds for Any Purpose
How RetireBetter Helped Michael
Get The Best Home Equity Loan For Seniors
RetireBetter's Recent Clients
Property Value: $2.3M
Approved For: $815k
Goal: Travel and home renovations.
Property Value: $750k
Approved For: $241k
Goal: Needed more money for expenses. Turned down for home equity loan.
Property Value: $650k
Approved For: $216k
Goal: Give $100k to each of her daughters.
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Or Call Us: 1 (855) 999-3244
What Makes This Home Equity Loan for Seniors Different From Other Loans?
No Monthly Payments: Unlike traditional loans, no monthly payments are required on any funds you receive.
No Minimum Income: Your loan approval amount will not be based on your annual income. Even if you only receive pension income, you will be approved for a home equity loan for seniors.
No Credit Requirements: You will still be approved for a home equity loan for seniors if you have bad credit.
Get Approved for More: Most retired homeowners will qualify for a larger senior's home equity loan than a traditional home equity loan.
Our Home Equity Loan for Seniors Approval Process
Get a home equity loan quickly and easily in just a few steps
Speak to one of our Home Equity Specialists
Explore your options with no obligations
Decide How You Want to Receive the Funds
Funds can be received in a lump sum or over time.
Sign Your Documents
We get all the paperwork ready for you to sign.
Enjoy Your Retirement
Enjoy your tax-free, payment-free loan.
How Does a Home Equity Loan for Seniors Work?
We have partnered with Canadian banks that can offer home equity lines of credit designed exclusively for homeowners over the age of 55.
These Canadian banks are able to offer home equity loans for seniors at competitive interest rates.
There are no minimum income or credit score requirements for these home equity loans for seniors.
Your loan amount will be determined by the value of your home and your age, not your ability to make monthly repayments.
You have complete freedom to use the funds any way you wish. You receive the funds completely tax-free and there will be no reduction in your government benefits.
Unlike a traditional home equity loan, no monthly payments are required, and the loan is only paid back when you sell your home or move out.
You will stay as the owner of your home and will never over more than the value of your home.
Qualifying for a Home Equity Loan for Seniors is Simple....
It's easy to qualify for a home equity loan for seniors in Canada. There are only 2 key requirements:
All homeowners must be at least 55 years of age
You must have at least 50% equity in your home
If you're looking for a home equity loan suitable for your retirement, speak to one of our agents to learn more details.
Frequently Asked Questions
Find answers to common questions we receive.
You must pay a setup fee to the lender, legal fees and a home appraisal fee. Seniors who get this type of a loan typically only pay for the appraisal fee out of pocket and this amount is approximately $500. The other fees can be paid from the home equity loan once it has been setup.
RetireBetter does not charge you for our services in arranging a home equity loan for seniors. We do receive compensation directly from the lender at no extra cost to you.
Contact us for more information about the fees to setup a home equity loan for seniors.
Your existing mortgage will need to be paid off before you can access your seniors loan. You can use your own funds, the funds from your senior's home equity loan or a combination of both.
If you do not have sufficient funds of your own, then you will need to qualify for a large enough seniors home equity loan to pay off your existing mortgage.
RetireBetter can still help you if you do not qualify for a large enough seniors home equity loan to pay off your existing mortgage. Contact us to explore your options in these circumstances.
Since this product does not have income or credit requirements, and does not require monthly repayments of any kind, the interest rates are slightly higher than interest rates for traditional home equity lines of credit.
However, the interest rates remain very competitive and are much lower than credit card interest rates or personal loan rates.
Contact us to get the most current interest rates on a home equity loan for seniors.
Don't see your question? Contact us for more information.
