Preparing for Life Events

Life has a way of interrupting your financial plans, and adding additional burdens to your personal finances. Some things, like university or retirement, are natural part of life. However, other life events are out of your control. Consolidated Credit Counseling Services of Canada, Inc. helps Canadians financially prepare for these life events.

Home > Personal Finances > Life Events > Home Equity Loans & Lines of Credit

Home Equity Loans and Lines of Credit

Advantages:

Monthly payments may be lower.
You keep control of your finances.
You may find that you can get very low fixed interest rates.
A convenient source of credit.
The loan may be tax-deductible.

Disadvantages:

Home equity loans are secure. If you fall behind on your payment you risk losing your home.
These loans can be complicated. There may be various fees and interest rates that can fluctuate depending on the loan. Make sure you carefully read and understand the terms of the loan.
Watch out for lenders who prey on financially desperate consumers. Be aware of scams that include balloon payments and equity stripping.

For more information or questions please feel free to contact our Financial Resources Group at 1-800-656-3920.

Get Relief From Debt

Self-Help Booklets

Buying A Home
The home buying process can be very intimidating especially if you don’t know where to start. This educational booklet is a combination of information from Consolidated Credit and the government of Canada to help get you started on the road to making one of the biggest and most important purchases of your life.
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