Don’t get helocked into monthly payments
Unlike a home equity line of credit, our HESA has no monthly payments, ever.
You have a new alternative
A HESA is an innovative financial product that lets Canadians tap into their home equity now in exchange for sharing in the future value of their homes.
Not debt (not a typo)
No monthly payments
Unlike a HELOC, your HESA has no monthly payments. You make a single payment at the end of your HESA based on how much equity you accessed initially and how much your home has appreciated since then.
No interest rate
Most HELOCs have variable interest rates, so your payments will change unpredictably based on central bank policy and market conditions. With a HESA, your single payment is based on how much equity you accessed and the change in your home’s value.
No minimum credit score
HELOCs are usually only available to borrowers with good credit. Since your HESA is based on the value of your home rather than your ability to make monthly payments, we can be more flexible when choosing who we work with.
Different is good
A HESA and a HELOC are very different tools for accessing your home equity. We highly recommend discussing your cash needs with a financial planner to help you understand which option is best suited to you and your home.
Your HESA gives you a lump-sum cash payment when you tap into your home equity, whereas a HELOC allows you to draw it down as needed.
Your HESA has no payments until it ends (for example, when you sell or decide to buy us out) whereas a HELOC has mandatory monthly interest payments.
You’ve got options
If you’re considering a home equity line of credit, use our estimate tool to see how much of your equity you could unlock with a HESA instead. We’re always happy to answer your questions and help you understand how a HESA works.