Access to your homes equity can help in many ways

If you’re a homeowner in the Okanagan, chances are your property has seen a significant rise in value.

With home prices continuing to trend upward, many are sitting on a valuable asset—home equity. But what exactly is home equity, and how can you put it to work?

What is home equity and how much can you access?

Home equity is the portion of your home that you truly own—calculated by subtracting the remaining mortgage balance from the current appraised value of your property. If you’re eligible, you may be able to access up to 80% of your home’s lending value. That’s capital you could be using to support your goals—financial or otherwise.

Here’s how many homeowners are strategically putting their equity to work:

Stay and upgrade

Low housing inventory has led many people to invest in their current homes instead of moving.

Whether it’s a new kitchen, an expanded living space, or energy-efficient upgrades, home renovations can add comfort—and value. Financing can be set up through a home equity line of credit (HELOC) or a new fixed-rate mortgage. A quick financial review with a mortgage broker will help you decide which option fits best.

Buy that vacation property

That dream getaway spot might be more within reach than you think. Equity from your primary residence can often provide the down payment you need to secure a family vacation property. With a HELOC, you can access the funds flexibly and only pay interest on what you use.

Grow your wealth with real estate

Real estate remains one of the most popular and reliable long-term investments. From first-time rental property buyers to near-retirees planning for the future, many are using home equity to enter—or expand—their real estate portfolios. Equity can be the bridge that helps you transition from homeowner to investor.

Consolidate and simplify your debt

Carrying high-interest credit card debt, unsecured lines of credit, or personal loans? A mortgage refinance could help you consolidate those balances at a much lower interest rate. The benefits?

• Lower overall interest.

• A single monthly payment.

• Improved cash flow.

• A boost to your credit score as your balances drop and payments are made consistently.

Accessing your home equity might be easier—and more beneficial—than you think. Whether your goal is financial freedom, a smarter investment strategy, or just more breathing room each month, let’s run the numbers together.

Support family members with a reverse mortgage

For homeowners aged 55+, a reverse mortgage can be a meaningful way to access equity without needing to sell or make monthly payments.

Whether it’s helping adult children with a home purchase, covering educational costs for grandchildren, or supporting a loved one through a difficult time, your home equity can provide a financial cushion for the people you care about—while you continue living in the home you love.

Reverse mortgages are tax-free, and the loan is repaid only when you move, sell, or pass away. It’s a compassionate, flexible tool that many families are now using as part of a bigger financial strategy.

You can email me at [email protected] or if you would like to chat please book a time here on my calendar calendly.com/april-dunn for a personalized consultation.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.