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Line of Credit for retired
December 4, 2020
5:22 pm
maxb
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Has anyone been able to get any super low rates for a LOC ?
Best I could get was 2.9% from TD for a home fully paid for. They acknowledged that high ratio mortgages have lower rates, but that was the lowest they would go.
Tangerine wouldn't confirm the 2.5% until I commited to doing it. However the fees to set up were variable and could be over $1000.

December 4, 2020
6:49 pm
semi-retired
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I was offered a LOC last year from Tang.The present rate is 2.45%.It didn't cost me a cent .I had a LOC with CIBC tied to my home.I cancelled it as this LOC is not secured.Many times my savings account is minimal,waiting for a descent promo rate.

December 4, 2020
6:52 pm
Loonie
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...and then, if you sell the house or decide you don't need the LOC any more, there are more fees to discharge the lien.
Still, it's better than a reverse mortgage.
However, I've never had one so don't know about rates.

December 4, 2020
9:18 pm
maxb
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I have had one with TD since 2000... works out well with my stock trading and other investments....
yep, tangerine wanted around $400 for LOC plus appx 600-900 for lawyer... so no way I was switching for 0.4%...
Just saw HSBC offer 0.99% for high ratio mortgage... damn !!!

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