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Solutions 55 Plus

Canadians 55 Plus are living longer and want to stay in the homes they love, but they need the financial peace of mind to do it.  This is where Solutions 55 Plus comes in. 

If you’re looking to improve cash flow, pay off an existing mortgage, clear balances on existing credit cards and loans, make home improvements, or gift a down payment to a loved one, we can help!

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An Incredible Solution
For People Entering Retirement

Solutions 55 Plus is a simple way to turn a portion of your hard-earned home equity into tax-free cash—with no ongoing payments required.

  1. Borrow up to 59% of your home’s value

  2. No monthly mortgage payments required

  3. Receive your tax-free funds as a lump sum or over time

  4. Retain ownership of the home you love

This all turns your home equity into cash that can be used any way you like. 

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Reasons to consider Solutions 55 Plus

If you’d like to boost your retirement income, Solutions 55 Plus allows you to access up to 59% of your home’s equity in tax-free cash. 

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You can take your Solutions 55 Plus cash as either a one-time lump sum payment, as monthly payouts, or as ad hoc advances when you need them. 

 

Some of the more popular reasons for taking on a reverse mortgage include:

  • Paying off existing debts like a traditional mortgage 

  • Gifting money to family

  • Improving your quality of life

  • Adding safety features to or renovating your home

  • Buying an investment or vacation property

  • Paying for health care or in-home care 

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Benefits Of Solutions 55 Plus

The benefits of Solutions 55 Plus doesn't just stop at the ability to cash in on your home’s equity! In fact, these benefits also include:

  • Title and ownership of property remain in homeowner’s name

  • No monthly mortgage payments required 

  • Prepayment penalties waived in the event of death or care home placement 

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Solutions55plus.ca Process Flow

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  • Where Do I Access 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.
  • Are You Eligible for Solutions 55 Plus?
    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!
  • 55 Plus Home Equity Loan Fees
    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.
  • 55 Plus Home Equity Loan Due Dates
    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)
  • Receiving the proceeds from your 55 Plus Home Equity Loan
    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!
  • 55 Plus Home Equity Loan Considerations
    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!
  • “With a 55 Plus Home Equity Loan, you no longer own your home.”
    FALSE. You always maintain title, ownership, and control of your home, as long you continue to meet your mortgage obligations (i.e., paying property taxes and maintaining the home). The 55 Plus Home Equity Loan lender simply has a first mortgage on the title, in the same way as a traditional mortgage.
  • “You’ll owe more than the value of your home.”
    FALSE. It is federally mandated that all 55 Plus Home Equity Loan come with a “no negative equity guarantee.” As long as you meet the required mortgage obligations, the amount you owe on the due date will not exceed the fair market value of your home.
  • “55 Plus Home Equity Loan are expensive.”
    FALSE. An appraisal of your property and independent legal advice is required for a 55 Plus Home Equity Loan. Additional fees include a closing and administration fee. When compared to alternatives like downsizing or moving to another home, a 55 Plus Home Equity Loan can be an affordable option.
  • “55 Plus Home Equity Loan have higher interest rates.”
    DEPENDS. While interest rates are typically higher than a traditional mortgage, it’s important to remember that for many retired Canadians, monthly mortgage payments are difficult to afford. Plus, many struggle to even qualify for a traditional mortgage. For these reasons, many retired Canadians choose a 55 Plus Home Equity Loan over traditional solutions.
  • “You can’t pass on your home.”
    FALSE. Your heirs will always have the option to keep the property by paying off your 55 Plus Home Equity Loan after you pass away. In addition, with the “no negative equity guarantee,” your heirs will never owe more than the fair market value of the home, as long as all mortgage obligations were maintained.
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