One of the simplest and most affordable ways to access money is by utilizing the equity that you have accumulated in your home. Homes are purchased for a variety of reasons. Some people like the stability of home ownership, while other may also look at home ownership as an investment vehicle. Whatever the reason, home ownership has proven itself as a good, stable investment over time, and one that many Canadians are profiting from.
There’s been a strong movement of Canadians refinancing home loans to pull out equity for investments, home improvements, college expenses, and high-interest debt consolidation. Canadians have been borrowing against the equity of their home in record numbers. This has generated billions of dollars for Canadians each year.
In years past, many saw their homes as a shelter of safety, but recently that’s changed. Today, more Canadians than ever before are choosing to borrow against the equity owned in their home to further their investment portfolio, get out of debt, send their children to post-secondary, make improvements to their home, or even boost their RRSP contributions.
While removing equity from your home can often be a great idea, it is also something that should be done with caution. Like all things in life, there are potential benefits and possible risks associated with pulling equity from your home. The best choice is to call the professionals at Regional Mortgage Group to thoroughly discuss your options.