Secure Line of Credit or Home Equity Line Of Credit (HELOC)
A Home Equity Line of Credit (HELOC) is a revolving line of credit which utilizes the equity in your home as collateral. If you have a minimum of 20% equity in your home, you can use up to 65% of your home value to set up a line of credit that can be used for just about anything. With a HELOC you can use the funds, repay, and use them again. For the first 5, 10, or 25 years you can choose to pay as little as interest only. You can combine your regular mortgage with a HELOC to a maximum of 80% of the value of your home.
You can prepay in full at anytime without penalty and a HELOC is a great option for things such as
- Medical and health care expenses
- Children’s education
- Supporting your small business
- Debt consolidation
Eligible properties must owner occupied. To access your funds you can simply call your lender, request online, or by using cheques provided by the lender.
Why not use your money now and not wait until you sell your home? Contact one of our Mortgage Agents today for more information on a Home Equity Line of Credit.