Sell and leaseback programs, which allow a homeowner to sell their house but continue living in it under the new owner, give Boomers the chance to tap into equity and stay in the family home. Sounds like a win-win situation – but is it a good idea?
Have debt you just can’t seem to pay down? Check out our 12 Months to Being Debt Free series! January kicks off with prepping your pay-off plan. Read on to learn more.
What are reverse mortgages and how do they work? Many baby boomers turn to this finance product to free home additional cash – but that debt comes at a price. Here’s what you need to know.
ATB is offering a 3% rate on their HELOCs – the lowest rate in Canada! Available in Alberta until May 31, this makes it more affordable for home owners to access their equity – but is it a good idea to take out a loan when national interest rates are low?
There seems to be a lot of confusion out there among current homeowners over their Home Equity Line of Credit (HELOC) options: what exactly are they and when should they be used? While you may be familiar with the idea of tapping into your home’s equity in a pinch, the truth is that a HELOC …
Could you use a little extra cash? In today’s tough economy, who couldn’t? This week on Money Wise, we’re exploring an increasingly popular method of borrowing – a home equity line of credit. The problem – many Canadians don’t know what they are, and with household debt levels at record highs, HELOCs can add even more fuel to the fire.
The concept behind a Home Equity Line of Credit (HELOC) is simple – leverage your home in return for a hefty line of credit to draw from. However, it’s the underlying challenges associated with HELOC variable interest rates that makes a HELOC a tool best reserved for the thrifty and financially astute.
Should you take out a HELOC on your home to fund your retirement plan? For some, it’s a good option – but understand the interest and pay back realities.
What is a home equity line of credit and how can it work for your borrowing needs? HELOCs can be a convenient way to access extra cash, but be aware of the pros and cons before tapping into your home’s equity to avoid dangerous levels of debt.
Homeowners looking to take out a home equity line of credit will find their borrowing power slashed as the National Bank enforced a 65 per cent LTV cap which takes effect today.