What is a home equity mortgage?
Our Home Plus Plan (HPP) is a flexible borrowing option that allows you to use the equity in your home in a variety of useful ways. With a HPP, you may be able to borrow up to 80% of your home’s current appraised value. These funds can then be used as a revolving line of credit, a term loan, or even a regular mortgage. Interest rates will vary based on the loan product you choose.
Since lending values for the HPP are based on the amount of equity you have in your home (how much you’ve paid off on your mortgage vs. how much you still owe), this plan is best if you have already established substantial equity in your home.
Why choose a Home Plus Plan?
Loan product variety
Choose the borrowing option that works for you, including a line of credit, term loan or mortgage.
Flexible borrowing
Access funds when you need them, repay and borrow again without reapplying.
Increase your home's value
Use funds for renovations, repairs or upgrades that can improve your property.
What you need to know.
Loan rates vary based on the loan product you choose and other financial considerations. Meet with a financial advisor to find the lending solution and interest rate that fits your needs.
| Feature | Details |
|---|---|
| Maximum total borrowing | Up to 80% of your home's current appraised value |
| Revolving credit maximum | Up to 65% of your home’s appraised value (regulatory limit) |
| Loan product options | Revolving line of credit, term loan, or regular mortgage |
| Must be primary residence | Yes |
| Sub-loans available | Yes — separate credit into different repayment structures |
Is this plan right for you?
Right for you if you:
- Have built up equity in your home. The more equity you have in your home, the more financing you’re eligible to receive.
- Want to increase the value of your home. HPPs are a great way to finance home renovations and upgrades that will ultimately increase the value of your home!
- Prefer flexible lending options. Not only does this plan offer a variety of loan products, but it also allows you to borrow, repay and borrow again without needing to reapply for another credit line.
May not be right for you if you:
- Are a first-time home buyer. Since this lending option is decided by your current equity, a HPP is not suitable for first-time home buyers. If your first home needs renovations, consider adding funds to your mortgage with our Purchase Plus Improvements Program.
- Don’t live in the home. Accessing finances through the Home Plus Plan requires that you own your home and that it’s your primary residence.
- Are concerned about accumulating debt. You can use, repay, and access funds again with ease, making it work similarly to a credit card. If you're worried about accumulating excessive debt, opting for a traditional mortgage might be a preferable choice.
Tools to help you plan your renovation.
Common questions.
Here’s what people ask us the most.
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Home Plus Plan (HPP) is a flexible borrowing option that allows you to access funds using the equity you’ve built in your home. Funds can be used as a revolving line of credit, term loan or regular mortgage.
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You may be able to borrow up to 80% of your home’s current appraised value, depending on your available equity and lending approval.
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With a revolving line of credit, you can borrow, repay and access available funds again without needing to reapply for additional credit.
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Yes. Since lending is based on the equity you’ve built in your home, a Home Plus Plan is best suited for homeowners who have established equity.
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A Home Plus Plan can be a flexible way to fund renovations, especially for homeowners looking to make improvements over time or complete larger projects.
Let's connect.
Our Mobile Mortgage Specialists are here to walk you through your options — at home, at the office or virtually. Book a time that works for you and let’s find your ideal mortgage.
