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Homeowner ReadiLine®

Key benefits

  • One-time application that gives you both an amortizing mortgage instalment and a revolving line of credit in one1
  • All you need is a 20% down payment on a new home or 20% equity in your current home2
  • Access up to 80% of the value of your home2

 

 




Most commonly used for


Repayment & how it works




BMO Protection Plan for Mortgage and Line of Credit

BMO Protection Plans provide you with optional insurance coverage offering balance or payment protection for your BMO Mortgage or Line of Credit. With a plan in place, you’ll help protect your family lifestyle and assets in the event of death, critical illness, disability and involuntary job loss.


Learn more

 

 



Balance Protection (Life Insurance and Critical Illness Insurance)

  • Reduces or pays off your line of credit balance up to the Maximum Insurable Limit in the event of your death or if you are diagnosed with a covered illness including cancer, heart attack, coronary artery bypass surgery, or a stroke
  • Note: Critical Illness is only available with Life Insurance
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Payment Protection (Disability and Job Loss Insurance)

  • Fully or partially covers your regular line of credit payments if you become disabled or involuntarily lose your job, up to the Maximum Insurable Limit
  • Note: Job Loss is only available with Disability Insurance

Disability or Disabled means any medical condition that prevents you from performing substantially all of the essential duties of the job.

Job Loss means that you are collecting Employment Insurance benefits because of layoff, dismissal without cause, unionized labour dispute, legal strike, or lock out.

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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 Any amount you borrow under a Homeowner ReadiLine in excess of 65% of the value of your property must be in an amortizing instalment. The Homeowner ReadiLine must be in first priority on your property. Back

3 Conditions apply. Back