For those of us who have paid off our mortgage, we’re free and clear, but maybe we want to buy another house or build a house. We asked RBC Mortgage Specialist Tina Hinch.
Are there options for us to use the equity in our home to help us with purchasing a new home?
Yeah. And it’s always been a desire for many people to say, you know what? Now I’m mortgage free. And that’s fantastic to say you’re mortgage free, but when clients get older or elderly or want to be able to do other things, it’s hard to take money off your walls, right? We have ways of putting a home equity plan where you have the flexibility to draw on it when you feel it’s a need.
Or for clients that, you know, what may not have their mortgage technically, but they’re carrying other debt, for instance, that might be higher rates. That’s a great way to consolidate things, use the equity in your home, and set up a plan for current use and future use. And there are many clients that will use it, whether it’s to help their children go to school or to help their children buy their first home. There are lots of options for it and lots of flexibility.
Start your journey to a new home today. Contact us and we’ll help explore your options and unlock the potential of your home equity.
Watch the video here