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Home Equity Loan Plan

Key benefits

  • Turn your home equity into cash
  • Borrow up to 80% of your home’s value1,2
  • Starting at $10,0001,2

 

  • Perfect for larger purchases or renovation needs

 

 


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Most commonly used for


Repayment & how it works




Creditor Insurance

Optional Creditor Insurance on your Personal Loan helps reduce or pay off the balance on your insured Personal Loan in the event of your death, or cover your Personal Loan payments fully or partially when you can't work due to illness, injury or involuntary job loss.


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RRSP Loan Life Insurance

  • Your loan balance will be reduced or paid off if you pass away
  • Loans up to a maximum of $150,000 can be insured
  • Monthly premium rate table: Rates are pro-rated accordingly if your payments are other than monthly
  • Premiums are calculated each time a regular loan payment is made and collected automatically with your regular loan payment
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RRSP Loan Disability or Disability plus Job Loss Insurance

  • Your loan payments will be fully or partially covered if you are unable to work due to a disability such as: injury or serious illness or involuntary job loss
  • Available to the borrower and co-borrower loan applicant(s) who is age 18 to 64 and actively working at the time of the insurance application
  • Monthly premium rate table: Rates are pro-rated accordingly if your payments are other than monthly
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Have Questions?




1 Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria. Back

2 The combined line of credit limit under any prior mortgage and a Home Equity Loan Plan cannot exceed 80% of the value of your property. Back

3 Some conditions apply. You may be eligible to defer equivalent to one month’s payment two times per calendar year (four weekly payments, two bi-weekly or semi-monthly payments, one monthly payment). You cannot skip two monthly payments (or the equivalent of two monthly payments) concurrently even if the two months are in different calendar years (January/December). Back