Renovations and Home Improvements

If you want to spend a significant amount of money on improving your home, you may be able to take out a lot more equity than you realize! An Invis Mortgage Consultant can advise you through this process. Major insurers — Genworth Financial, CMHC and Canada Guaranty - will insure new mortgages which are "topped up" for this purpose, if the total of your current mortgage and the new funds exceeds 80% of the current home value. Not all improvements are eligible, however. Pools and spas are typical "over-improvements" which may not qualify for a high-ratio equity take-out. Of course, if the total requirement is less than 80% of your home's current value, you should have little trouble getting the "top up" you need — regardless of the degree of luxury you plan to add.