If you have been paying the mortgage on your home for some time, then you have built up equity in your home that can be used to borrow against. A HELOC or Home Equity Line of Credit is a great way to unlock the equity that you’ve already built up in your home.
With a HELOC, you can borrow money against the equity in your home to use for other things that require a substantial amount of cash – things like renovations, buying a vehicle, paying for a child’s education, purchasing a second property, or even buying a business.
Accessing the funds in a HELOC is easy. You can pay for things you purchase directly using a debit card, cash withdrawals, or even writing cheques, and you can manage your finances using the monthly statements you’ll receive.