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Home Equity Line of Credit

Home Equity Line of Credit

If you have paid off a portion of your home, you may be able to make that equity in your home work for you.

A home equity line of credit is a unique type of fully secured line of credit. The basic idea is that you borrow against what you already own! This allows you to take advantage of preferred interest rates.

Home renovations or additions, a car or boat, a wedding or your childrens' education - the list goes on. Members use the equity in their homes to enjoy life while managing debt responsibly.

  • Preferred, variable interest rate tied to the Prime rate. One of the most affordable forms of credit.
  • Lower interest rate than conventional mortgages. A great tool for consolidating debt or even paying off the balance of your mortgage.
  • Limits of up to 75% of the appraised value of the home.
  • The interest rate is variable with interest applied only to the amount you use, calculated on the daily closing balance.
  • Highly flexible to match your cash flow.
    • Choose a repayment schedule to meet your personal needs. The only requirement is that you repay the interest (if any) monthly.
    • The option to pay more is always available.
  • As you pay down your line of credit, the available balance becomes immediately available for use again.



Do you value safety and security? To protect your family and your estate, Heritage Savings can provide you with Monthly Premium Credit Life and Disability Insurance. This insurance can assist with your family's financial security should unexpected disability or death occur. Contact us for details.


Heritage Savings & Credit Union Inc.
318 Merritt Ave
Chatham Ontario
N7M 3G1
tel: 519.351.0600
fax: 519.351.0660

Copyright © 2009 Heritage Savings Credit Union. All rights reserved.