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Home Equity Loans in Canada
Living on a fixed income can be very difficult for a lot of Canadians, more so for retirees or those nearing retirement. Financial stress is no joke when you consider rising prices of basic needs, possible health issues with expensive treatments, and other unexpected expenses that may come up. It is no wonder that more and more homeowners are finding it necessary to tap into their home equity to help manage their financial situation.
Why Use Home Equity?Home equity is the value that a homeowner owns in his or her home. It is computed as the difference between the home’s current market value and any existing debts on the property. As a homeowner pays the mortgage on his or her property, home equity is built larger and can be later accessed via home equity loans when needed. Homeowners may choose between a HELOC, a second mortgage, or a reverse mortgage as types of home equity loans.
What is a Home Equity Loan?Any home loan that uses the home equity as collateral can be called a home equity loan. In Canada, home equity loans usually offer lower interest rates than unsecured loans and allow the borrower to borrow more since the loan is secured ... more

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