A Home Equity Line of Credit (HELOC) is a line of credit attached to your equity in your home. It works very similar to a personal line of credit in that you will receive monthly statements with a minimum payment needed allowing easy management of your finances. 

Benefits

  • HELOC value may be as large as 65% of the market value of your home.
  • You can use some or all of your available line of credit at your convenience.
  • Flexible repayment options — you can make the required interest only monthly payment or pay a larger amount up to the entire balance.
  • There are no prepayment penalties like a mortgage would have as the loan is open
  • These can be bundled with a normal mortgage to access up to 80% of your home.  Most of the bundled products have a component that as your mortgage is paid down the limit on the home line increase up to that maximum 65% of your home value allowed
  • They generally do not have any monthly or annual maintenance fees unless they are a specialized product.  Therefore you only pay on them if you borrow money.

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