Looking to Get a HELOC With No Income in Ontario?

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We help homeowners get the lowest rates for home equity loans, home equity lines of credit, refinancing, and other mortgage products.

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Not working right now? Maybe you’re between jobs, self-employed with inconsistent income, or recently retired. Whatever the reason, if you own a home in Ontario and need access to cash, as long as you have enough equity in your home, you can get a HELOC in Ontario without any income.

We’ll walk you through how it works, what lenders look for when there’s no income to show, how much you might qualify for, and how to apply the right way.

Can You Get a HELOC With No Job (No Income)?

Yes—you can still qualify for a HELOC in Ontario even if you don’t have a job or consistent income. But here’s the catch: you’ll need enough equity in your home to qualify.

A HELOC (Home Equity Line of Credit) is a loan that’s secured by your property. That means the lender is mainly concerned about the value of your home and how much you still owe on your mortgage.

If you’re unemployed or don’t have income, you won’t qualify through the usual banks—but there are still lending options available.

Three Types of HELOC Lenders in Ontario

There are three main categories of HELOC lenders, and each one has different rules around income:

1. Prime Lenders (Major Banks)

Banks like RBC, TD, and Scotiabank offer some of the lowest rates—but they also have the strictest requirements. If you’re unemployed or can’t show traditional income, you likely won’t qualify with a major bank. They require:

Strong, verifiable income

A low debt-to-income ratio

Good credit

So if you’re currently not working or have inconsistent income, banks probably aren’t an option for now.

2. B Lenders (Alternative Lenders)

These lenders are more flexible than banks. If you’re self-employed, semi-retired, or have income that doesn’t show up clearly on your tax return, B lenders can help.

They may allow you to use:

Business bank statements

Invoices

Child or spousal support

Each case is reviewed individually. So even if your income is non-traditional or inconsistent, a reputable mortgage broker can help position your application with the right B lender.

3. Private Lenders

Private lenders focus almost entirely on the equity in your home. They don’t require income, tax returns, or job letters. If you have a good amount of equity, a private HELOC can be a great short-term solution.

Of course, interest rates will be slightly higher than what you’d see at a bank, but in return, you get access to funds without having to prove income.

Key takeaway:

If you have at least 25% equity in your home and a decent credit history, you have options—even without a job.

What Do Lenders Look At With No Income?

If you're applying for a HELOC without income, lenders will take a closer look at other parts of your financial picture. Here's what matters most:

Home equity: The biggest factor. Most lenders will only allow you to borrow up to 75%–80% of your home’s value, including your current mortgage balance. If you don't have income, the lenders will likely scale back on your credit limit.

Property details: The location, condition, and type of property (single-family vs. condo vs. rural) can all impact lender decisions.

Credit score: Without income, your credit score becomes more important. A strong score (680+) opens more doors. If your score is under 600, you’ll likely need to go with a private lender.

Credit history: Lenders want to see a consistent repayment history with minimal late payments or collections.

Does Credit Score Matter More With No Job?

Yes—if you don’t have income to show, lenders lean heavily on your credit score and credit history to assess your level of financial responsibility.

A good credit score tells lenders:

You pay your bills on time

You manage debt well

You’re less of a risk, even if you’re currently unemployed

If your credit is strong, you may still be eligible for decent rates through a B lender. If your credit is weaker, private lenders will still consider your application—but expect higher rates and shorter terms.

What If You’re Self-Employed?

This is very common in Ontario. Many self-employed homeowners write off business expenses or don’t show large net income on their tax returns. In these cases, B lenders can be a great option.

They may accept:

Business bank statements

Client invoices

Stated income declarations, supported by other documentation

Each file is reviewed on a case-by-case basis. This is exactly why working with an experienced broker is so important—they know which lenders are open to flexible income situations and how to present your application the right way.

How Much Can You Borrow With a HELOC?

In Ontario, lenders generally allow you to borrow up to 80% of your home’s value, minus what you still owe on your mortgage.

Here’s a simple formula:

(Home Value x 80%) – Mortgage Balance = Max HELOC Limit

However, if you don’t have income or have poor credit, lenders will likely scale that number back.

If your home is worth $800,000 and your mortgage balance is $200,000, your total available equity is $600,000. If a lender allows 75% loan-to-value (LTV), the most you could borrow in total is $600,000 ($800,000 x 75%), which means you could access a HELOC for up to $400,000 ($600,000 minus the existing $200,000 mortgage).

Keep in mind: The less risk you present to the lender, the more you can borrow—and the better the rate you’ll receive.

How to Apply for a HELOC Without Income in Ontario

If you don’t have a job or steady income, the most important step is to work with a reputable mortgage broker. Applying on your own—especially through a bank—often leads to a dead end. But with the right broker, the process becomes clear, structured, and customized to your situation.

Here’s how your broker will help:

1. Assess Your Equity and Financial Picture

Your broker will start by understanding why you need a HELOC—whether it's to consolidate debt, cover expenses, or create financial breathing room. Since there's no income to verify, the focus shifts to the strength of your home equity, your credit profile, and the overall value of your property.

They’ll also review your mortgage balance and calculate your loan-to-value ratio to determine which lenders are within reach.

2. Identify the Right Type of Lender

With your equity and credit details in hand, your broker will compare options from alternative and private lenders who are comfortable working with borrowers that have little or no income.

They’ll focus on lenders that:

Accept non-traditional income (if you’re self-employed or semi-retired)

Allow stated income or asset-based approvals

Are comfortable lending based on property value and credit alone

Their goal is to match you with a lender that fits your financial profile—not one that forces you into unnecessary roadblocks.

3. Handle the Application and Paperwork

Even with no income, there’s still paperwork involved. Your broker will guide you through what's needed—like recent mortgage statements, property tax bills, valid ID, and any alternative income documentation (like bank statements or investment records, if applicable).

They’ll package everything in a way that presents your file clearly to the lender and manages all communication on your behalf.

4. Finalize and Fund the HELOC

Once your HELOC is approved, your broker will help finalize the paperwork, coordinate with legal partners if needed, and walk you through how to access your funds.

They’ll also explain repayment terms and make sure you’re set up to manage the HELOC responsibly moving forward.

Get a HELOC With No Job (No Income) In Ontario

Not having a job doesn’t mean you’re out of options. If you own a home in Ontario and have built up equity, a HELOC could still be within reach.

Whether you’re between jobs, self-employed, newly retired, or dealing with a unique financial situation, there’s likely a lender out there who can help—you just need to know where to look.

That’s where we come in.

At 360Lending, we’ve helped thousands of homeowners across Ontario get access to their equity—even with little or no income. We’ll help you explore your options, understand the numbers, and apply with the lender that fits your needs.

Ready to find out what you qualify for?

Book a free consultation with one of our mortgage advisors today.

Let’s make your equity work for you.