There are a variety of options on the market that allow you to combine various mortgage products, like a line of credit, closed mortgages (1 year, 5 years, variable, …), all guaranteed by a first rank mortgage that could be higher than your property value. All in order to cover your future financial needs without having to pay for additional notary fees.
The maximum amount available immediately could be 80% of the actual value of your property. The interest on the line of credit is calculated monthly only onthe amount borrowed. It is an open mortgage where you could only pay the monthly interests.
The advantages of a line of credit are numerous. You could use it as needed for renovations or pay off higher interest credit cards. If you are expecting to receive large sums of money in the future, there is no limit for capital reimbursements and no penalty.
Contact your mortgage broker for more information.