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Canadian homeowners who need cash can consider a second mortgage, a home equity loan, refinancing, re-borrowing mortgage prepayments, an unsecured personal loan, or selling and changing housing. A HELOC is another option to compare, but it is not the only way to use home equity. The right choice depends on whether you can make regular payments, how much risk you can accept, and whether you plan to stay in your home.
Most borrowing secured by a home puts that home at risk if you cannot repay. The Financial Consumer Agency of Canada (FCAC) puts it plainly: “Your home acts as security for the equity you borrow.” FCAC’s borrowing-against-home-equity guide describes the main products and their general limits.
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Start with the need, not the product
Before comparing offers, define what the money must do. Paying for one large expense, consolidating debt, managing retirement cash flow, and preventing a missed mortgage payment are different problems. A product that provides cash today may create a payment you cannot manage tomorrow, or reduce the equity available if you later sell or need care.
- Can you reliably make payments? Home equity loans, second mortgages, refinancing and personal loans generally require scheduled payments. A HELOC may allow interest-only payments, but that does not reduce principal.
- Do you need a lump sum or ongoing access? A home equity loan advances a lump sum; a HELOC is revolving credit that can be borrowed, repaid and reused within its limit.
- Will you stay in the home? If moving is already under consideration, selling and changing housing may solve the cash need without taking another loan secured by the property.
- How much equity do you want to preserve? Borrowing against the home reduces equity available for a later sale, estate, or other needs.
Do not treat published maximum percentages as a personal borrowing offer. Lenders assess the property, outstanding debts, income, credit and product terms before deciding whether to approve an application.
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Options at a glance
| Option | How funds are accessed | Payment and rate structure | Key consideration |
|---|---|---|---|
| Second mortgage | A separate loan secured by the home, in addition to the first mortgage. | Payments are on top of the first mortgage; the rate is generally higher than on a first mortgage because the loan is riskier to lenders. | FCAC gives a general ceiling of up to 80% of appraised value minus the existing mortgage balance; that is not an approval promise. |
| Home equity loan | A one-time lump sum secured by home equity. | Fixed repayment amounts on a fixed term and schedule, covering principal and interest. | Interest applies to the full amount advanced; FCAC lists a general limit of up to 80% of home value. |
| Mortgage refinance | Replace or renegotiate the mortgage to access funds. | Terms and payments change according to the new mortgage agreement. | Qualification, penalties, fees and changed terms can determine whether it is worthwhile. |
| Re-borrow prepaid amounts | Ask the lender whether previously prepaid mortgage amounts can be borrowed again. | Typically increases the outstanding mortgage balance and interest costs. | Availability and conditions depend on the lender. |
| Personal loan | Borrow without securing the loan against the home in the way home-equity products do. | Use the actual offer to compare interest, scheduled payment and fees. | Current rates and an individual borrower’s eligibility are not established by the general guidance cited here. |
| Sell and change housing | Sell the current home and use net proceeds as appropriate toward a smaller home, renting, or assisted living. | No new loan against the current home is required, but replacement housing or care has its own costs. | Whether finances improve depends on sale proceeds, next housing costs and personal circumstances. |
| HELOC benchmark | Revolving credit secured by the home; borrow, repay and reuse funds up to the limit. | Usually variable-rate; interest is generally charged only on the amount borrowed. The lender may require interest-only payments or payments that include principal. | FCAC gives a general ceiling of up to 65% of home value, with equity thresholds depending on how the line is structured. |
The product descriptions and general limits above are from FCAC’s borrowing against home equity guide and HELOC guide. Figures are broad product limits, not estimates of what a particular lender will approve.
These percentages also describe different products and should not be read as interchangeable amounts of available cash. For example, the general HELOC ceiling is up to 65% of home value, while the 80% figures apply to a second mortgage calculation or home equity loan under FCAC’s descriptions. An existing mortgage and other debts affect what may be available. FCAC’s illustration is deliberately simple: a home valued at $250,000 with $150,000 in mortgage debt has $100,000 in equity. That arithmetic does not mean a lender would offer $100,000, or that the homeowner should borrow it.
Borrowing secured by the home
Second mortgage
A second mortgage is separate from the first mortgage, so you keep both obligations and make payments on each. FCAC says the interest rate is generally higher than on a first mortgage because the second loan is riskier for a lender. Its general maximum is up to 80% of the home’s appraised value minus the existing mortgage balance. Other debts, qualification and lender assessment can reduce the amount available.
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Home equity loan
This option provides a lump sum secured by the home and is generally repaid in fixed amounts over a fixed term, with payments covering both principal and interest. Because the full amount is advanced at once, you pay interest on the full borrowed balance rather than drawing funds only as needed. FCAC lists a general limit of up to 80% of home value, subject to lender assessment and existing debts.
The scheduled principal repayment can make the balance easier to track than a revolving line, but the full advance also means interest begins to apply to the whole amount. If you do not need all the money at once, compare that structure with a product where interest is charged only on funds actually drawn, while weighing the other product’s rate and repayment risks.
Mortgage refinance
Refinancing replaces or renegotiates the mortgage, potentially allowing you to access funds. It may suit someone who qualifies and whose existing mortgage terms make the change worthwhile. Federally regulated lenders generally require borrowers to pass the mortgage stress test when refinancing. Compare the new rate, payment, term and total borrowing cost with any applicable lender fees and prepayment penalties; the cost depends on the borrower’s mortgage and lender, so there is no universal figure to apply.
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Look beyond the cash released at closing. A changed mortgage term or payment schedule can affect how long you carry the debt and the amount of interest paid. Ask the lender for the applicable costs and terms for your particular mortgage, then compare them with the alternatives over a consistent period.
FCAC explains mortgage qualification and the stress test in its guide to preparing to get a mortgage.
Re-borrowing prepaid mortgage amounts
If you have made extra payments against your mortgage, ask the lender whether you can borrow those prepaid amounts again and what conditions apply. FCAC says this typically increases the outstanding mortgage balance and interest costs. Do not assume that prepayments are automatically accessible or that the lender will offer them on the terms you expect.
HELOC: useful flexibility, with rate and repayment risks
A HELOC is revolving secured credit rather than a one-time loan. You can generally borrow, repay and borrow again within the approved limit, and interest is generally charged only on the amount currently borrowed. The rate is usually variable, so payments or interest costs can rise if rates increase. A lender may require interest-only payments or payments that include principal; interest-only payments leave the borrowed balance intact.
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FCAC’s general HELOC ceiling is up to 65% of home value. Its guidance states that a standalone HELOC generally requires more than 35% equity, while a HELOC combined with a mortgage requires at least 20% equity. These thresholds are not a complete underwriting decision. A borrower who already has a mortgage may also face the stress test when applying with a federally regulated lender.
Flexibility can make a HELOC useful for expenses that arrive over time, but a large approved limit is not a reason to borrow the full amount. FCAC advises considering a lower limit to reduce the temptation to borrow unnecessarily. Its HELOC guidance also warns that variable rates may rise, interest-only payments do not pay down principal, and missed repayment can put the home at risk.
Before accepting a line, make a repayment plan that addresses both interest and principal, even if the lender permits interest-only payments. Test whether you could keep up if rates rise, and avoid treating available credit as income. The ability to reuse repaid funds is a feature, but it can also make it easier to keep a balance outstanding. If the lender offers a larger limit than your plan requires, consider asking for a lower limit.
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Personal loan or a change of housing
Unsecured personal loan
FCAC lists a personal loan as one alternative to a reverse mortgage. Unlike the home-equity products discussed above, it is not secured by the home in the same way. That avoids using the property as collateral for this particular borrowing, but does not make a personal loan automatically affordable or suitable. Compare the actual offer’s interest, fees, payment schedule and consequences of missed payments. The official guidance cited here does not establish current Canadian rates or whether a particular applicant will qualify.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchConsider the whole obligation: the amount borrowed, how long payments continue, and whether the regular payment leaves enough room for other expenses. Do not compare only the rate with a mortgage-related product. A secured loan and an unsecured loan differ in collateral and risk, so the right comparison includes both affordability and what could happen if you cannot pay.
Sell, downsize, rent, or move to assisted living
Selling can release proceeds without adding another loan against the current home. Options include buying a smaller home, renting, or moving into assisted living. FCAC explicitly recommends considering these alternatives before a reverse mortgage. To judge the financial effect, estimate the likely sale proceeds after transaction costs and compare them with the purchase price, rent, moving costs or care costs of the next arrangement. The answer also depends on personal preferences, local housing conditions and support needs; the general guidance does not establish an outcome for an individual household.
This is not just a financial calculation. It means changing where and how you live, and may involve trade-offs in space, independence, location, or support. If moving is already part of the plan, compare a realistic estimate of sale proceeds and next-housing costs with the total cost and equity impact of borrowing to remain in the home. If you do not want to move, make that preference explicit when comparing financing choices rather than treating a sale as an automatic recommendation.
How to compare the actual cost and risk
A headline rate or maximum borrowing percentage is not enough to choose between products. Compare offers using the same amount and time horizon, and ask the lender to explain every cost that applies to your situation.
- Write down the amount and purpose. Separate a one-time need from ongoing cash-flow support. Borrowing more than the need can increase interest and leave less home equity later.
- Map the payments. Record the required payment, when it starts, whether it includes principal, and whether it could change. For a HELOC, model what a rate increase would do to the payment or interest bill.
- Compare total costs. Ask about interest over the expected borrowing period, appraisal, legal, title, setup and closing costs, as well as possible mortgage prepayment costs or penalties. These charges vary by lender, product and borrower.
- Check qualification and equity. Ask what income, property valuation, credit and debt information the lender will use. For refinancing or a HELOC application with a federally regulated lender, account for the stress test.
- Consider the home and estate plan. Identify what happens to remaining equity if you sell, move, or die, and how borrowing could affect other plans. If benefits or legal requirements are relevant, verify them for the product and jurisdiction.
- Get a second view when the decision is consequential. Discuss cash-flow needs, total borrowing cost, home-equity goals and estate implications with a qualified financial professional, and involve family where appropriate.
For a useful comparison, write each offer side by side: cash received, payment amount and frequency, whether principal is repaid, rate type, fees, possible penalties and the effect on remaining equity. A fixed schedule may be easier to budget around, while a revolving line may offer access over time but carry variable-rate exposure. A refinance may combine borrowing with a changed mortgage, so its total terms need to be weighed against simply adding another loan. Ask for clarification on any cost or condition you do not understand before signing.
FCAC’s example shows how equity arithmetic works: a $250,000 home value minus $150,000 of mortgage debt leaves $100,000 in equity. This is an arithmetic illustration, not a market statistic or a borrowing-capacity estimate. The amount a lender might approve is not the same as the equity figure; product limits, other debts and lender assessment also matter.
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If mortgage payments are already difficult
Do not assume that taking on more home-secured debt is a safe way to catch up on mortgage payments. FCAC warns that using a HELOC to make mortgage payments may put a borrower at risk. Contact the mortgage lender directly to discuss applicable relief and payment options before adding another obligation. In severe financial difficulty, selling may need to be considered rather than layering on new borrowing.
FCAC outlines possible steps in its mortgage relief options guide. A lender can explain which options apply to your mortgage and circumstances. Explain the difficulty promptly and ask what options are available for your situation; the general guidance does not establish that a new loan is an appropriate form of relief.
Reverse-mortgage details still matter in the comparison
Although the aim may be to find an alternative, compare the trade-offs against what a reverse mortgage would do. FCAC gives a general reverse-mortgage maximum of up to 55% of current home value; the amount depends on borrower ages, the home and the lender, and an existing mortgage balance must be addressed. Interest accrues into the debt, so the balance grows over time rather than being repaid through the usual regular principal-and-interest schedule.
Repayment is generally triggered when the borrower moves out, sells, the last borrower dies, or a default condition occurs. FCAC identifies possible appraisal, setup, legal, closing and early repayment costs. It also says reverse-mortgage proceeds do not affect Old Age Security (OAS) or the Guaranteed Income Supplement (GIS), while the growing debt can reduce equity left in the estate. Some jurisdictions may require independent legal advice; confirm current provincial or territorial requirements and the specific lender’s terms. FCAC’s reverse mortgage guide advises: “Before you get a reverse mortgage, compare other options.”
These details matter even when you expect to leave the home eventually. Compare the expected debt growth and possible costs with the effect of scheduled payments on your current cash flow, and consider what equity may remain for an estate or other needs. FCAC recommends discussing costs, home equity and estate effects with an advisor and family. Verify the product terms rather than assuming all reverse mortgages have identical costs or conditions.
Choose by the problem you need to solve
- You need a defined lump sum and can manage scheduled principal-and-interest payments: compare a home equity loan, refinance and second mortgage using the same amount and term.
- You need flexible access over time and can absorb variable-rate risk: a HELOC may fit, but set a borrowing limit and repayment plan that prevent the balance from becoming permanent.
- You want to avoid putting the home up as collateral: compare an unsecured personal loan offer and its payment and fees with secured alternatives.
- You are open to moving or already need a different housing arrangement: calculate the net sale proceeds and realistic replacement housing or care costs before deciding whether borrowing is preferable.
- You are struggling to make the current mortgage payment: speak with the lender about relief options before using another loan to cover payments.
Rates, fees, approval criteria, mortgage penalties and legal requirements vary by lender and jurisdiction. Confirm current terms with the lender and, where relevant, the provincial or territorial consumer affairs authority. General published limits do not determine an individual homeowner’s borrowing capacity or provide individualized financial advice.
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What can I use instead of a reverse mortgage in Canada?
FCAC identifies options including a personal loan, a home equity loan, refinancing, borrowing prepaid mortgage amounts, or selling and changing housing—for example, downsizing, renting, or moving to assisted living. Compare payment capacity, cost, qualification, home-equity effects and whether you want to remain in the home.
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Can I access home equity without a HELOC?
Options described by FCAC include a second mortgage, a home equity loan, refinancing, and asking whether previously prepaid mortgage amounts can be re-borrowed. These options have different payment structures and costs. A second mortgage adds payments alongside the first mortgage; a home equity loan is usually a lump sum repaid on a fixed schedule.
How much can I borrow against my home?
FCAC gives general limits of up to 65% of home value for a HELOC, up to 55% for a reverse mortgage, and up to 80% for some other home-equity borrowing. A second-mortgage limit is described as up to 80% of appraised value minus the existing mortgage balance. These are general ceilings, not an approval or personal borrowing estimate; lender assessment, existing debts and product rules matter.
Is selling and downsizing better than borrowing against my home?
There is no universal answer. Selling may release proceeds without adding another loan against the current home, but the result depends on sale proceeds, transaction costs, the cost of buying a smaller home or renting, and any care costs. It also changes your housing and lifestyle, so compare realistic figures and personal needs.
What should I compare before choosing a home-equity product?
Compare the required payment and whether it repays principal, fixed or variable rate exposure, total interest and fees, qualification and equity requirements, and the effect on remaining equity, sale plans and estate goals. Ask the lender about applicable appraisal, legal, title, setup, closing or prepayment costs, and compare actual offers rather than headline limits.
Can I use a HELOC to make mortgage payments if I am struggling?
FCAC warns that using a HELOC to make mortgage payments may put you at risk. Contact your mortgage lender directly about relief and payment options before taking on more secured debt. In severe financial difficulty, selling may also need to be considered.
The Bottom Line
There is no single best alternative for every Canadian homeowner. A lump-sum loan, a refinance, a HELOC, an unsecured personal loan, or a change of housing can each solve different problems—and carry different costs, payment obligations and risks. Compare actual offers and your realistic cash flow, not just the maximum percentage a product may allow. Because home-secured borrowing puts the home at risk and can reduce future equity, discuss consequential decisions with a qualified professional and confirm current lender and provincial or territorial requirements.
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