Home Equity Loans
A home equity loan is often a great vehicle to achieve other personal or financial goals. If you have more than 20% equity in your home, you can borrow against that equity and use the money for other purposes.
Use of Home Equity Loans
- For investing in a second home or investment property
- For financing renovations which can increase the value of your home
- To fund education expenses
- To consolidate high interest debt into a lower interest rate
- Understand recent changes in lenders' and insurer's rules
- To top-up RRSPs or savings
- Reverse mortgage for retirement expenses
- To administer the tax saving "Smith Manoeuvre"
Although home equity loans can be very beneficial, there are also potential long term risks involved. Contact us to discuss whether a home equity loan is best to accomplish your goals.