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Chip Mortgage:
Home equity is the difference between what you owe on your home and your home’s market value. For instance, if your home has a market value of $300,000 and you only owe $50,000, you have $250,000 of equity remaining in your home. For retirees, living on a fixed income can be difficult. Longer retirements, smaller pensions and insufficient savings can all add to retirees’ financial stress. Illness or other unexpected events can add up to stretched finances. As a result, a growing number of retirees in Canada are looking to tap into the equity in their home to improve their financial situation. A home equity loan in Canada is a general term that describes different types of loans in which the borrower uses the equity of their home as collateral.