Obtain $500 in cashbackWhen you open a new retirement line of credit.†
A FLEXIBLE AND PRACTICAL FINANCING SOLUTION
|Attractive interest rate||
|Easy access to funds||Your funds are easily accessible at any time:
|Flexible repayment options||You can choose your preferred method of payment:
|Eligibility criteria||To be eligible for this financing product:
Use the Retirement Line of Credit to, for example:
- Deal with unexpected expenses
- Renovate (kitchen, bathroom, etc.)
- Pay for all or part of a secondary property or rental building
- Buy a boat or motorized vehicle
- Take your dream trip
- Supplement your current income
- Finance your children's or grandchildren’s education
- Consolidate your debts
Pay off your Retirement Line of Credit at your own pace by settling, at minimum, the monthly interest due on the outstanding balance. Every payment to reimburse the balance will correspondingly increase the credit available on your Retirement Line of Credit without you having to re-apply for funds. You can pay off the borrowed amount in whole or in part at any time without indemnity.
By taking out line of credit insurance from Laurentian Bank, you can be certain that you will not leave your family in need in the event of death or accidental dismemberment.4
Benefit from numerous advantages:
- Have peace of mind: The balance of your line of credit is paid off in the event of your death.
- Rest easy: Coverage in case of accidental death at no additional cost upon signing the proposal and during the application process.
- Avoid surprises: Your premium is calculated daily according to the balance used.
|Maximum insurable amount||$250,000|
|Termination of insurance||Insurance is terminated at the first occurrence of the following:
|Accidental dismemberment insurance||This coverage is included with your life insurance. Refer to the Loss Table for benefits paid. They vary from 33% to 100% of your line of credit balance.|
For more information on our insurance products and full details, please see the Distribution Guide.
Option to convert into a mortgage loan
Depending on your financial situation,5 you could convert the balance on your Retirement Line of Credit, in whole or in part, into a mortgage loan to protect yourself from interest rate increases and make fixed regular payments.
The Retirement Line of Credit: more practical than a reverse mortgage
The Retirement Line of Credit is a more flexible financing product that costs less, and is not as binding as, a reverse mortgage, insofar as you can repay the minimum monthly interest on the authorized limit of the line of credit. Ask a Laurentian Bank advisor.