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Are there Restrictions on what Equity Take-Out can be used for?

February 16, 2015 | Posted by Nathan Zacharias | Tagged in

An Equity Take-Out Mortgage is when a borrower increases the size of their loan and secures it against their home in exchange for cash to be used for another purpose. This process is sometimes known as ‘refinancing,’or if you’re using the cash to pay off high interest debts such as vehicle loans or credit card, it’s referred to as‘debt consolidation.’
Equity Take-Out Restrictions
There are many reasons for an Equity Take-Out Mortgage that brokers are happy to accommodate for. For instance, if you need access to money to send a child to university, pay for an older loved one’s full-time care, start a business, or pay off mounting credit card debt, a mortgage of this type may offer the solution.

When you refinance your home, you may be entitled to:

  • A better/lower interest rate
  • More promising prepayment terms
  • A mortgage term that is more compatible with future goals
  • More adaptable preferences

Unfortunately, with Equity Take-Out Mortgages, there are restrictions.

The lender is not going to go home with you to ensure you’re using the money for the reason you’ve indicated (like sending a child to school). However, the lender will instruct your lawyer to pay out your child’s tuition with the mortgage proceeds as a condition to the loan.

Any money that remains after the payouts will be available to you to use as you see fit. The lender will not simply give you the equity from your home. Only once tuition is paid, or your reason for an Equity Take-Out Mortgage is complete, will you receive the remaining sum.

In order to know how much equity you can take from your home, you will need to know the value of your home. This is the LTV (loan-to-value). Most home equity loans are limited at 80% of the value of the home. You’ll also need to know how much money the lender is willing to issue. Some lenders operate with a maximum increase. This means they will turn the difference between your old mortgage and new one into equity, which becomes the sum available to you.

These numbers are all relative to your situation, so for a clearer idea of your potential Equity Take-Out, contact your mortgage broker and speak with them directly.

Every lender operates differently. Before you decide if an Equity Take-Out Mortgage is right for you, talk to us and learn more about what restrictions you may encounter.