905-812-9211 john@ndlc.ca

Overview

Many people find that one of the easiest and most affordable ways to access money is through the equity they have accumulated in their home. This is a very popular option, especially when there’s an excellent first mortgage in place.

Using home equity to your advantage

Canadians purchase homes for many reasons. Some want the stability of owning their own home; others consider it an investment. Regardless, home ownership has proven to be a good stable asset over time, and one which many Canadians are profiting from.

While many people purchased their first home during this period of low interest rates, thousands of others refinanced their home loan and pulled out equity for: home improvements; investments; college expenses; and high interest debt consolidation.

This was made possible by rising home prices and low interest rates. As a result, Canadians have been borrowing against their home’s equity in record numbers, taking out billions of dollars in cash each year

In years past, many people saw their homes as a shelter of safety. Today, however, Canadians more than willing to borrow against the equity owned in their homes to: grow their investment portfolios; get out of debt; fund their children education; make improvements to their home; even boost their RRSP contributions. Where home equity was once sat upon, today it is often used to one’s advantage.

While removing equity from your home can be a good idea, you should do so with caution. It’s essential to have a complete understanding of both the benefits and possible risks. The best thing to do is to consult a licensed mortgage professional and/or financial planner to discuss opportunities to make your home’s equity work for you.


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