Home equity can be used for many purposes — clearing tax or mortgage arrears, consolidating debt, funding renovations, managing a separation, or supporting a business. What differs in each case is which option costs least, what the risks are, and what a realistic exit looks like. Start with the situation that fits.
Find your situation
Each page covers the same ground: what usually happens, which options are worth considering, what they cost, the risks, the alternatives to compare first, the documents you’ll need, and a realistic Ontario example.
What every one of these has in common
Whatever the purpose, the same four questions decide whether borrowing against your home is the right move: how much equity is genuinely available, what each option would cost in dollars, what the risks are if things don’t go to plan, and what repays or replaces the borrowing — by when.
If those four questions can’t be answered clearly, that’s usually a sign to pause rather than proceed.
This page is general education about mortgage options in Ontario. It is not legal, accounting, tax or insolvency advice, and it is not an offer of credit. Please seek independent professional advice for your own situation.