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.
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.
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 rates—you 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
Homeowners get approved in less than 24 hours
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Apply online in minutes
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Get approved in less than 24 hours
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Funds are deposited directly into your account within a week.
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.
Savings
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.
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.

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.