Robert McLister·General·January 26, 2014Readvanceable Mortgage A readvanceable mortgage has two segments: A regular mortgage A line of credit As you pay down the mortgage portion, the lender increases the available credit in your line of credit by the same amount. That lets you “readvance” (re-borrow) the funds later, if needed. Suppose, for example, that you paid off $1,000 of principal on your mortgage. With a readvanceable mortgage, the lender would let you borrow that $1,000 from your attached line of credit. Examples of readvanceable mortgages include: National Bank’s All-in-One Manulife’s One Scotiabank’s STEP RBC’s Homeline BMO’s ReadiLine TD’s HELOC CIBC’s Home Power Plan And various credit union products The most convenient readvanceable mortgages are those that automatically readvance credit, as opposed to some which make you re-apply each time you want an advance. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.