A HELOC is a secured form of credit. Your home is used as collateral to guarantee that you’ll pay back the funds you borrow.
HELOCs are revolving credit. You don’t get a single lump sum upfront that you make payments on, like a home equity loan. You draw the amount of money you need and make payments on the amount you’ve borrowed.
Canadian homeowners typically take out a Home Equity Line of Credit to finance their debts or unexpected purchases. However, you can use the funds for a variety of things, including:
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