A Home Equity Line of Credit (HELOC) is attached to a chequing account similar to a mortgage and very simple to use. You can access these funds through direct payment purchases using a debit card provided, by writing cheques, or through cash withdrawals. You will receive monthly statements, allowing easy management of your finances. Your account can also be linked to the telephone banking service, ensuring your account information is always only a phone call away.
- HELOC value may be as large as 80% 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.