HELOC: What is it?

What is a HELOC?

A HELOC (Home Equity Line of Credit) is a revolving loan secured against your home’s equity. It works like a credit card.

You can borrow, repay, and borrow again — but usually at much lower interest rates.

 Who is it for?

• Ontario homeowners with at least 20% equity in their property

• Those with stable income and good credit

• Investors or renovators needing flexible access to funds

• People looking to consolidate high-interest debt

How do you benefit?

✅ Access to Large Funds – Borrow up to 65-80% of your home’s value

✅ Lower Interest Rates – Much cheaper than credit cards or unsecured loans

✅ Use as Needed – Pay interest only on what you borrow

✅ Flexibility – Ideal for renovations, education, emergencies, or investments

✅ Tax Advantage – In some cases, interest may be tax-deductible if used for income-producing purposes

Will you be using HELOC?