Equity is often defined as the difference between the appraised value of your home and the balance left remaining on your mortgage. Essentially, equity is the amount you have paid toward your home.
In years past, many individuals and families viewed their homes as a shelter of safety. Today, more than ever before, people are willing to borrow against the equity owned in their homes to further boost RRSP contributions, send children to University and make home improvements or to even get themselves out of debt. Where home equity was once sat upon, today it is often used to one's advantage. While using equity from your home can be a good idea, you should do so with caution and fully understand the benefits and possible risks.
We can help you find the specialist that can explain the advantages and risks associated with using the equity from a home, making sure that you are fully educated, and can make an informed decision.