The net value of your property allows you to personalize your mortgage. Several options are available on the market. For example, simultaneous to your standard mortgage, you can obtain 1,2 or 3 Home Equity Lines of Credit (HELOC).
The HELOC is very similar to a personal line of credit, except that the interest rate is much lower since the bank secures the HELOC with your property.
The maximum amount that can be used for a HELOC is 65% of the real value of your home. The monthly interest rate is charged only on the amount you have borrowed, not the total amount. Moreover, the HELOC is by definition an open mortgage, meaning you can pay it down, or pay it off whenever you wish (there is no penalty). In the event that you encounter financial difficulties, you also have the option of just paying the interest. These lower payments will allow you to use the extra capital for other, more costly, debts.
There are numerous advantages to a HELOC. They provide flexibility and capital availability for works (renovations etc), purchases, investments, or to simply consolidate other debts into one low-interest loan.