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If you’re looking to renovate your home, cover unexpected expenses, take a special family vacation or simply be able to take advantage of an opportunity as it comes up, there's Homeowner ReadiLine®. Let us show you how to turn your dreams into a reality.
The concept is simple. With Homeowner ReadiLine, as you pay off your home, you build equity that you can access when you want it or need it, for whatever you want or need it for – to pay for higher education, cover unexpected expenses such as a new furnace or roof or invest for tomorrow. Whatever it is you want to do, your home can make it all possible.
With one application, you can set up an account that allows you to access up to 80% of the value of your current home less any outstanding loans or mortgages registered against the property or up to 80% of a newly purchased home. As you pay off your home, your equity becomes automatically available to be accessed through your Homeowner ReadiLine account.
To get started you either need:
- A 20% down payment if you are purchasing a home, or
- At least 20% equity in your current home.
Best of all, you only need to apply once. For as long as you own your home, there's no need to refinance your mortgage or negotiate a new loan each time you need access to funds.
