6 - Using Home Equity Loans to Pay Off Debt

Very few people could have predicted the pandemic housing boom in Canada over the last year and a half. Homeowners have found that the equity in their homes has increased substantially. This has led many to wonder if they should utilize that equity to pay down their debts. But where do you start and what are the different options available to you?

In this podcast Licensed Insolvency Trustee, Derek Chase talks about refinancing your home to avoid debt problems. The following topics are explored:

• Refinancing your home with your mortgage lender
• Taking out a second mortgage
• Home Equity Line of Credit (HELOC)
• Risks involved in using the equity in your home 

Licensed Insolvency Trustees should be your first point of contact when you are looking for help with unmanageable debt. They are federally licensed and regulated which ensures you get unbiased advice.

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.  

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