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:
Mona Randhawa
Mortgage Broker
Mortgage Alliance
Mortgage Alliance Company
Of Canada Inc. – License# 10530
An Independently Owned & Operated
Corporate office address: 200-2005 Sheppard Avenue E, Toronto, ON, M2J 5B4