Solutions 55 Plus

Through TFC The Financial Collective. There are two Canadian Schedule I banks that offer 55 Plus Home Equity Loan. Both banks’ 55 Plus Home Equity Loan products are similar in their design and function. Let us help you find the right solution today.

Thousands of Canadian homeowners are already enjoying the benefits of a 55 Plus Home Equity Loan.

To be eligible, you must be:

• A homeowner

• Aged 55+

• Live in your home for at least 6 months of the year

If there are other individuals listed on your home’s title, they must be at least 55 years old.

Individual lenders will have other specific requirements—talk to us about the solutions available to you!

The fees associated with a 55 Plus Home Equity Loan can vary depending on your lender. Typically, a lender will charge a one-time set-up fee (usually deducted from the initial advance).

Also, similar to a regular mortgage, there will be additional appraisal (paid to an external property appraiser) and legal fees for closing costs or independent legal advice.

Your 55 Plus Home Equity Loan due date is established when the earliest of any of these events occurs:

• Sale or transfer of the property

• The last borrower moves into a long-term care or retirement residence

• The last borrower passes away

• Default (such as not maintaining the home and property taxes)

Depending on your individual circumstances and the lender you choose, the following funding options are typically available:

• Initial advance / lump-sum

• Ad-hoc advances

• Recurring / scheduled advances (i.e., monthly, quarterly)

Unlike traditional mortgages, no regular payments are required until the 55 Plus Home Equity Loan becomes due. However, provided that certain conditions are met, you typically have the option of prepaying some of your principal or interest.

Lenders in Canada offer 55 Plus Home Equity Loan with distinct prepayment charges. Contact us to learn more!

Before getting a 55 Plus Home Equity Loan, here are some questions to consider asking us:

• How can I receive the funds from a 55 Plus Home Equity Loan?

• What fees are involved?

• What interest rate will I have to pay on the money I borrow?

• Can I pay the loan early without incurring prepayment charges?

• If I were to sell my home, would I be subject to any penalties?

• If I were to move out of my principal residence, when would I have to pay off the loan balance?

• If I pass away, how much time will my estate have to pay off the loan balance?

• What happens if it takes my estate longer than the stated period to fully repay the loan?

• When it’s time to pay back the loan, what happens if the amount of the loan is higher than my home’s value?

Let us help you today!