Retirement or pension mortgage for a property in Québec
Retirement income is stable, and most lenders accept an amortization that runs past retirement age. On a Québec file, the limit is the amount of income, not your age.
Pension income is stable, which helps, but it’s often lower than the salary it replaced. The lender looks at all your pensions and investment withdrawals together. Most will accept an amortization that runs past retirement age as long as the income holds up.
Documents before comparison
Your pension statements (QPP, Old Age Security, employer plan) and your notices of assessment. If some of the income comes from investment withdrawals, the account statements and something showing those withdrawals can last.
Income documents
Two years of notices of assessment, recent pay stubs and an employment letter. The lender trusts what your tax records show, not what lands in your account. Income that shows up nowhere doesn’t exist for a purchase in Québec.
Income period reviewed in Québec
Depending on where the income comes from, the file in Québec may need the current year, a two-year average, or just confirmation of employment.
Supporting records
Notices of assessment, tax returns, financial statements, pay stubs, deposit records. Have it all ready before you make an offer. That’s what lets you work with a short financing condition, since the delay nearly always comes from a third party who hasn’t sent their paper yet.
Lenders that can assess the file
Pensions add up (QPP, Old Age Security, employer plan), and their stability works for you. Most lenders accept an amortization that runs past retirement age.
To prepare
What to gather.
Borrower profile
Income records
Credit history
Available funds
Property or project
Lender eligibility
Frequently asked
Can the file be reviewed remotely?+
Yes. Phone, email or video call, with documents sent online. We can meet in person if you’d rather, but most files get done without anyone driving anywhere.
Can you get a mortgage in retirement?+
Yes. Pension income is stable, which works for you, and most lenders accept an amortization running past retirement age if the income is enough. The limit is how much income you have, not how old you are.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
