IN A RECENT SURVEY of Canadian homeowners, only four in 10 respondents were confident they would have enough savings to maintain their lifestyle when they retire. One reason may be that, for many, a significant portion of their wealth at retirement is tied up in their home. And selling their house to free up that money simply isn’t what they want to do.
If that sounds like your situation, you may want to consider accessing the equity in your home to help boost your retirement income. One of the most common ways to do this is through a secured line of credit (also called a home equity line of credit). A secured line of credit lets you borrow what you need, when you need it, at a very favourable interest rate because your loan is secured, or guaranteed by your home.