Home Equity Line of Credit  Solutions to Enhance Your Lifestyle

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Advantages and things to consider when assessing a home equity line of credit (HELOC).

ADVANTAGES

  • Easy access to the equity in your home
  • Often lower interest rates than unsecured credit
  • You only pay interest on the amount you borrow
  • You can pay back the money you borrow at any time without a prepayment penalty
  • You can borrow as much as you want up to your available credit limit
  • It’s flexible and can be set up to fit your borrowing needs
  • You can consolidate your debts, often at a lower interest rate
  • Great as an emergency fund, or to cover unexpected costs or expenses

THINGS TO CONSIDER

  • Requires discipline to pay off as you’re only required to pay interest
  • Large amounts of available credit can make it easier to spend higher amounts and carry debt for a long time
  • Harder to switch your mortgage from one lender to another
  • Not the best solution for supplementing a cashflow shortfall
A lot of Canadians like to have a HELOC to help supplement their monthly cash flow shortfall, if this sounds like you, maybe you should consider the HEB Income Advantage.
Income Advantage from HomeEquity Bank is a loan secured against the value of your home. It lets you convert part of your home equity into cash — without requiring you to sell or move. If you want the convenience of monthly or quarterly advances, Income Advantage is the product for you.
  • Give the convenience of regularly scheduled advances;
  • Provide you with additional income;
  • Preserve your investment portfolio longer;
  • Lower your tax liability long term*
Income Advantage gives you choice and flexibility. You maintain complete ownership and control of your home.

HEB INCOME ADVANTAGE

Frequently Asked Questions

  • Who can qualify?

    Income Advantage requires no health checks. You qualify if you (and your spouse) are over 55, own your home, and use it as your primary residence.


  • How much of my home equity can I access through Income Advantage?

    Income Advantage lets you access up to 55% of your home’s appraised value.

  • How will I receive my money?

    Scheduled advances, either monthly or quarterly, are required. Income Advantage gives you the convenience of regular deposits right to your bank account.

  • Do I have to pay tax on my Income Advantage money?

    No. It’s tax-free because you are unlocking home equity from your primary residence.

  • Can I repay my balance early, before the sale of my home?

    Yes. You or your spouse can repay the principal or interest at any time — in full or on an annual or monthly basis. (A prepayment charge may apply)



  • When it’s time to repay the loan, could my other assets be affected?

    We guarantee that the amount to be repaid will never exceed the fair market value of your home. Your other assets are completely protected.