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Financial support for all the milestones in your life

Obtaining a loan from the bank can be a difficult and lengthy process with lots of ‘hoops’ to jump through to meet the banks stringent lending criteria. If you are retired with a limited income or are collecting payments from a public or private pension plan, getting a loan from the banks can be even more difficult as they may deem the pension income insufficient to support the new debt payments. Fortunately, there is a lender that can provide you with a loan regardless of your credit, age or income – since 1969, Alpine Credits has been Canada’s home equity lender that has helped many retirees obtain the financing they need for their retirement or family needs.

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The value of pension loans Canada

When you’ve retired, your pension income may not be enough to cover all your expenses without having to go back to work or generate passive income from investments. In this situation, most retired Canadians investigate obtaining a pension loan.  

 Due to high expectations of the bank, retirees may feel like they’re facing a big challenge when they try to apply for a loan. Applying for a loan at Alpine Credits when you’re retired can bring other advantages that bank loans don’t usually come with. 

What types of pension loans are available for retired individuals? 

Retirees have the liberty to choose any kind of loan they would like, such as secured and unsecured loans. Retirees should consider their financial situation before choosing a loan or other credit product. 

With secured loans, your assets will act as collateral in the agreement between you and your lender.  An example of a secured loan is a home equity loan. The amount of the loan you may be eligible to receive is calculated based on the equity available in the property.  


 To calculate what you may be eligible for, subtract the outstanding mortgage from the overall value of the property, and you have calculated the equity balance. Different lenders will lend against a certain portion of the available equity. 


 Qualifying for home equity loans is different from qualifying for a personal loan or an unsecured loan. Where unsecured loans may require you to have a good financial history and a strong credit score to obtain a retirement loan, home equity loans canada are largely dependent on the amount of equity in your home. Lenders like Alpine Credits require that you have paid at least 25% of the property to qualify.  


 Most retirees have likely paid off the mortgage on their property which means the total property value is available to lend against. If you find yourself in this position, getting approved for a loan will be quicker at Alpine Credits than it would be at major financial institutions. This is because equity lenders like Alpine Credits predominantly look at the home equity value to make their lending decision, whereas banks look at income, credit history, job history, and ability to service additional financial responsibilities as part of their lending decision criteria.

A unique type of loan that isR available to Canadians who are over 55 years old is the reverse mortgage. The nature of the loan is like that of home equity loans, but the value of the loan isn’t based on the difference between the outstanding mortgage and the house’s appraised value.  

A reverse mortgage is always a first mortgage and reverse mortgage lenders will lend from 25% of the property’s value up to 55% of the property’s value. There are several criteria that are considered when determining how much will be lent to the homeowner.  

Reverse mortgages are also paid differently. In fact, the homeowner makes no payments toward the mortgage, and the payments and interest accrue over time, which means the outstanding loan balance grows over time. Usually, the house is sold to repay the loan; the lender is paid the outstanding balance, and the homeowner receives the remaining proceeds from the sale of the property. 

Alternatives to secured loans are unsecured loans. If you prefer that your assets are not involved in an agreement with a lender, you can look at applying for an unsecured loan, like a personal loan. However, the demands for personal loans are higher than they would be for secured loans. Your credit score, income, and other details of your financial history play a role in the approval process.In addition, personal loans are typically approved for $25,000 or less; whereas secured pension loans can be approved for more than $1 million.

How to qualify for a loan as a retiree or pensioner at the bank 

You can keep the following tips in mind when considering applying for a retirement loan from major financial institutions. By doing so, you can prepare yourself before you apply, making the application process go much more smoothly.   

  • Bring the right documents—a lender may require specific information from you regarding your finances and retirement savings plans. Even when you’re not working, your lender will ask for income documents like a Canada Pension Plan or Old Age Security statements.   
  • Meet credit score requirements—usually, the bank will expect to see a minimum credit score from their applicants. The minimum credit score ranges from 620 to 660 between multiple lenders for home equity loans. Maintain a good credit score and a good credit history for the most ideal results on your loan application as this will demonstrate a better creditworthiness.  
  • Consider a co-signer—increase the chances of getting your loan application approved when you have someone to shoulder the responsibility of a loan with you. Having a co-signer with you is a great idea if your credit score doesn’t meet their expectations.

Getting approved for a pension loan with Alpine Credits 

Many banks and alternative lenders across the country are ready to assist retired Canadians with their finances. With all the options available in Canada, it can feel like a big task to shuffle through all of them to see which one works for you. Some factors you can consider are the speed of the approval process or the conditions of approval for retirees with bad credit. 

 With Alpine Credits, the approval process is smooth for pensioners who own their home. Payment history and credit histories do not change the result of your application for a loan from Alpine Credits.

Benefits of a pension loan when you’re retired

If you are considering applying for a retirement loan, some of the advantages include the following.  

  • Cover unexpected expenses—as previously mentioned, if a retiree needs more than what’s in their savings plan for all their financial demands, a loan may be a good option. In case they need to renovate to make their house more accessible or if they need extra funds to cover expenses, a home equity loan can help with that.   
  • Consolidate outstanding balances—it’s common for retirees to take some financial obligations with them into retirement. You can make managing your finances easier by consolidating your loans and bills into one monthly payment.   
  • Pay comparatively lower interest ratesyou can expect that loans from your home equity or a reverse mortgage will have comparatively lower interest rates than a personal loan. Additionally, if you consolidate with a loan, the new interest you pay towards just one loan may be lower than if you were repaying multiple.  
  • Access home equity—home equity can be a versatile financial tool when you access it. Home equity loans can potentially be a large sum of money, allowing you to use it towards home renovations or investments such as additional property or a business. Some retirees use home equity loans to provide adult children with funds for a down payment or to purchase property.

Get easy access to funds while protecting your nest egg

Retired individuals or pensioners

Unlike banks, we don’t require you to submit multiple documents for your loan application. The only requirement is that you own your home.

We know how important it is to make timely financial decisions. We can approve your application in less than 24 hours and get the money transferred to your account within a week.

Save time with our simple online application. It only takes 2 minutes to complete.

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Homeowners get approved in less than 24 hours

Home Equity Loans


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Get approved in less than 24 hours


Funds are deposited directly into your account within a week.

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See how Alpine Credits compares

With extra time on your hands, you may want to do things you didn’t have time to do
before, or help family with life milestones. See how a home equity loan from Alpine Credits compares to other borrowing options.


Keeping your money in savings and investments can earn you more money in the long run so you can live comfortably throughout your retirement years.


Traditional banks

Banks have stringent loan approval criteria. Age and limited income are particular factors that could make it difficult to get approved for a loan.

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Borrow from retirement plan

Most experts advise against borrowing against your retirement funds. Doing so may adversely affect your savings and the income you count on in retirement.

loan chart monthly payments
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Approved stamp

Own your home? You’re approved.

All you need to qualify for a loan is to own your home (or other real estate). Traditional banks look at factors such as your age, income, and credit history to approve you for a loan. At Alpine Credits, we focus on the amount of equity you have in your home or other real estate properties. We make the process as quick and easy as possible.

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Frequently asked questions

Regardless of your working status, you may apply for a loan from both financial institutions and alternative lenders. The chances of approval are different at each institution, and those who are retired may have a better chance with loans such as reverse mortgages.

The Canada Pension Plan (CPP) is a monthly benefit that allows retirees to receive a portion of their income even into retirement. Because it acts like income, you can use the CPP to pay towards what you borrowed, but your CPP is not a loan. If you obtain a loan, lenders may consider CPP payments as regular income in assessing your ability to repay a loan.

Yes, people over the age of 60 can get a loan. Your age doesn’t affect the application process for a loan. Usually, lenders will consider your financial history and credit score to see if you can manage the loan payments. However, age doesn’t play a significant role.

In Canada, there is no maximum age to get a loan. The minimum age to borrow is 18 years old. 



**The above chart entitled “Monthly Loan Payments on $35,000” is for discussion purposes only. The graph is intended to illustrate various monthly payments associated with different product offerings to the reader. Please see below for the unique terms and conditions related to each offering. Final rates and payments for all loans in question are subject to change and vary based on each individual’s situation.
Bank Loans: $35,000 interest-only loan with fixed rate prime (2.95%) + 3% / monthly payment. Two-year term in which 100% of principal is owed at the end of the term. Other fees (appraisal/legal) may apply.
Alpine Credits 1st Mortgage: $40,500 (net $35,000) interest-only loan with 5.75% interest rate in year one and prime + 4.00% in year two. Two-year term in which 100% of principal is owed at the end of the term. Monthly payment and APR associated closing costs (legal fees, appraisal, brokerage fees).
Alpine Credits 2nd Mortgage: $40,500 (net $35,000) interest-only loan with 8.75% interest rate in year one and prime + 6.05% in year two. Two-year term in which 100% of principal is owed at the end of the term. Monthly payment and APR associated closing costs (legal fees, appraisal, brokerage fees).
Credit Cards: $35,000 loan paid off in 5 year & monthly PMT. 19.99% interest rate & fee of primary and secondary user ($99 + 30$ = $129 Yearly).
Online Loan 1: $35,000 loan paid off in 46 Months/Bi-weekly PMT with a 26.90% interest rate. Loan details have been taken directly from the online lending company’s website. Other fees may apply.
Online Loan 2: $35,000 loan paid off in 4 Years/Bi-weekly PMT. Loan details have been taken directly from the online lending company’s website. Other fees may apply.