This type of mortgage is also commonly referred to as HELOC. With HELOC, the current market value of your home will be used as collateral. It is calculated at a maximum of 65% of the value of your home.
It has an interest-only period where you will only pay the interest on the loan.
This period is usually 5-10 years, if the period expires, you can apply for it again at the end of the period. Otherwise, its credit limit will change to an amortizing limit.
Speak to our mortgage broker to learn more about HELOC.
