Stop Worrying About Money in Retirement
Stop Monthly Payments Anytime to Improve Monthly Cashflow- Resume Monthly Payments Anytime to Preserve Your Home Equity
- Fast Easy Approval
- Long Term Solution - Live at Home For Life
- Use Funds for Any Purpose
How RetireBetter Helped Michael
Get an Optional Payment Mortgage
RetireBetter's Recent Clients
(Ages 69 & 68)
Property Value: $2.3M
Approved For: $815k
Goal: Travel and home renovations.
Want to pause monthly payments for 2 years and then start monthly payments.
(Ages 65 & 67)
Property Value: $750k
Approved For: $241k
Goal: Needed more money for expenses. Turned down for home equity loan.
Don't want to make any monthly payments!
Property Value: $650k
Approved For: $216k
Goal: Give $100k to each of her daughters.
Wants to make regular monthly payments!
Get a free no-obligation consultation. Enter your details below and we'll get back to you.
Or Call Us: 1 (855) 999-3244
What Makes This Optional Payment Loan for Seniors Different From Other Loans?
No Required Monthly Payments: Unlike traditional loans, no monthly payments are required. You can pause, stop or restart monthly payments whenever you wish. Change the monthly payment amount (increase or decrease) also anytime!
Protect Your Home Equity: If you were concerned a reverse mortgage would eliminate your home equity - then an Optional Payment Mortgage is for you! By making monthly payments, your loan balance will NOT increase and your home equity will be protected!
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 Optional Payment Loan Approval Process
Get an Optional Payment 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, Optional Payment loan.
How Does an Optional Payment Home Equity Loan Work?
We have partnered with Canadian banks that can offer Optional Payment Home Equity Loans designed exclusively for homeowners over the age of 55.
These Canadian banks are able to offer the payment optional loans at competitive interest rates.
There are no minimum income or credit score requirements for these home equity loans.
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, but you can make payments every month if you wish.
The loan only needs to be fully 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 an Optional Payment Mortgage is Simple....
It's easy to qualify for an Optional Payment Mortgage 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 new mortgage loan once it has been setup.
RetireBetter does not charge you for our services in arranging an Optional Payment Mortgage. We do receive compensation directly from the lender at no extra cost to you.
Contact us for more information about the fees to setup an Optional Payment Mortgage for seniors.
Your existing mortgage will need to be paid off before you can access your Optional Payment Mortgage loan. You can use your own funds, the funds from your new mortgage or a combination of both to pay off your existing mortgage.
If you do not have sufficient funds of your own, then you will need to qualify for a large enough mortgage loan to pay off your existing mortgage.
RetireBetter can still help you if you do not qualify for a large enough 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 mortgages but they are similar to traditoinal 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.
