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Updated over 2 years ago, 03/22/2022

User Stats

304
Posts
142
Votes
Huong Luu
  • Specialist
  • Vancouver, BC
142
Votes |
304
Posts

What happens to HELOC when you use Section 85

Huong Luu
  • Specialist
  • Vancouver, BC
Posted

Can someone who has experience or knowledge of Section 85 give insight to the effect of the heloc segment? If my existing mortgage has a heloc segment and the property is under my personal name, when I move the property to a corp under Section 85, will the bank (in this case, it is an A lender) still give me an heloc, or will that be moved into a 'new' mortgage segment under the corp or will I have to pay it off. Thanks in advance.   

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