Retire comfortably in your own home.

If you’re a homeowner, your home is likely your greatest asset. If you’ve paid off most or all of your mortgage, consider tapping into your home’s market value to support your retirement plans.

Get up to 50% of your home's current market value. The retirement line of credit1 allows you to borrow up to 50%2 of the value of your principal residence. After your credit limit has been established, use the funds as you see fit. With attractive interest rates, you can cover unexpected expenses, renovate, travel, start a business, consolidate your debt, or just enjoy a comfortable retirement. What you choose is entirely up to you.

The details.

Variable interest rate.

Highly competitive variable interest rate.
The rate fluctuates based on the Canadian Northern Bank line of credit base rate.
Interest applies only to the funds used.

Easy access to funds.

Access your funds any time:
- by cheque
- at an ATM
- online through CNBCDirect

Simple repayments.

You pay interest monthly with a minimum payment of $10. You can also choose the following payment options:

Percentage of balance
Fixed payments

The balance can be paid off, in part or in full, at any time without penalty.

To your advantage.

Conversion into a mortgage loan.

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.

Better than a reverse mortgage.

Unlike reverse mortgages, the retirement line of credit offers greater flexibility and is less restrictive, as long as you can repay the minimum monthly interest on the approved limit.

Helpful tips and resources.

Is a retirement line of credit right for me?

This financing product may be right for you if:

Your primary residence is paid off or your mortgage balance is less than 25% of its current value.
Your income makes it difficult to obtain a regular mortgage or line of credit.
You want to be able to pay only the interest on the balance of your mortgage.

Is a retirement line of credit not right for me?

This financing product might not be suited for you if:

You’re not a homeowner.
You’re a homeowner but your loan balance is more than 25% of the current market value of your property.
Your income doesn’t let you pay the minimum interest on a line of credit.