Personal Finance Canada @lemmy.ca Thalion @lemmy.ca 12mo ago

Any reputable lenders who accept second lien for HELOC?

Hi,

Wondering if anyone has recommendations on lenders offering HELOC that don't require your mortgage to be with them. I've checked a few credit unions but it's a slow process since none seen to want to offer the information up front

Thanks

Edit: if anyone stumbles across this in the future and is in the same boat, I'd recommend Simplii Financial. They were the only one I found that would be second signer with a somewhat obscure lender holding the primary mortgage. Very quick and painless, all over the phone/online aside from the legal part, in which the lawyer came right to my house.

2 comments

As far as I know, there are not. Most banks will give you a HELOC in second place to a mortgage only if they are also the mortgage lender. I was surprised when I learned this last year. You could try asking a mortgage broker.
I know Tangerine did offer that a few years ago, I don't know wether they still do or not.