Obtain $500 in cashback

When you open a new retirement line of credit.†

A FLEXIBLE AND PRACTICAL FINANCING SOLUTION

With the Retirement Line of Credit,1 if your principal residence is fully or largely paid off, you could have access to up to 50% of its current market value in order to secure the financing needed to bring projects to fruition… while still remaining the homeowner.
Attractive interest rate
  • Attractive variable interest rate
  • The rate fluctuates according to the Laurentian Bank line of credit base rate2
  • Interest applies only to the funds used
Easy access to funds Your funds are easily accessible at any time:
  • By cheque
  • At automated banking machines
  • Via LBCDirect services – online or by phone
Flexible repayment options You can choose your preferred method of payment:
  1. Interest only (minimum $10)3
  2. Percentage of the balance due
  3. Fixed payments
You may repay the balance due in whole or in part at any time without indemnity.
Eligibility criteria To be eligible for this financing product:
  • You must be a homeowner of a principal residence.
  • Your existing financing must not exceed 25% of the current market value of your property
Contact one of our advisors to see if this product is for you.

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.
Eligibility criteria
  • You are between 18 and 64 years of age.
  • You are the borrower, co-borrower or guarantor.
  • You are a Canadian resident.
Maximum insurable amount $250,000
Premium type
  • Debited each month, the premium is calculated based on the balance used.
  • The premium rate is adjusted based on the borrower’s age.
  • The premium rate stays the same until the line of credit is revised or the age group changes.
Termination of insurance Insurance is terminated at the first occurrence of the following:
  • The line of credit is refinanced or closed.
  • The line of credit or the premium is in default on two payments.
  • The insurer pays a death claim for the line of credit.
  • The insured person voluntarily cancels the insurance.
  • The borrower reaches 70 years of age.
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.