HELOC (Home Equity Line of Credit)

HELOC은 주택 담보가치의 65%까지를 한도로 회전 운용할 수 있는 대출로 Line of Credit보다는 낮은금리가 적용되지만, Mortgage 이자율 보다는 높은 금리가 적용된다. 2019.1월 현재 ratehub site에 게시된 금리는 Prime rate + 0.5(Scotia, TD) ~0.65% 수준이다. 통상 주택 모기지 잔액과 HELOC을 합하여 주택담보 가치의 80%를 한도로 한다.

HELOC의 장단점은 다음과 같다.

장점:

• 한도까지 회전하여 사용할 수 있다. 모기지와 달리 한번 갚았더라도 기한까지는 한도 내에서 다시 사용할 수 있다.
• 이자율은 변동금리로 사용한 잔액에 대해서만 매일 계산이 된다. 
• 원금은 갚지 않고 이자만 갚아도 된다.

단점:

• 모기지와 마찬가지로 소득증명, 신용점수가 좋아야 가능하다.
• 원금을 갚지 않으면 늘 많은 부채를 안고 간다.
• 같은 주택담보라도 1% 정도 높은 이자율이 적용된다.
• OSFI B20 Guideline에 따라 LTV 65%까지만 가능하고, 초과하면 원금도 분할 상환을 해야 한다.

은행들의 평균 HELOC 잔액은 65천불로, 이용 고객의 27% 정도는 이자만 갚고 있다는 기사가 있음.

Over 1/4 of Canadians with HELOCs are paying just for interest

Over 1/4 (approximately 27%) of Canadians with home equity lines of credit are paying for just the interest, according to the Financial Consumer Agency of Canada. Taking this metric into account, the proportion of HELOC users with limits greater than $75,000 (around 49%) represents a significant fraction of mid- and upper-class Canadians using high-value homes for their loans, the agency added. For perspective, HELOC holders borrowing from federal banks have a loan of around $65,000 on average, Bloomberg reported.

A similar proportion of HELOC users (49%) reported using the money for renovations, while 22% took advantage of the sum for debt consolidation. Another 13% stated that HELOCs help to pay off other financial accountabilities. However, while the loan type has emerged as a popular option in recent years, the agency cautioned that “many consumers appear to lack awareness of the terms and conditions of this financial product, exposing them to the risk of over‑borrowing, debt persistence, uninformed decision-making and wealth erosion.”

This echoed warnings from industry players and analysts in recent months, with credit cards being an especially pernicious cause of the debt traps that many Canadians are falling into. “It certainly can be a lifesaver in certain emergencies,” Canadian Federation of Independent Business president Dan Kelly told CBC News. “You’re setting up a coffee shop and your espresso machine breaks and you need to buy a new one and you need to do that today. You don’t have the money to do it. So you can put it on [a loan].” “But you do that too many times and you can drown in the debt, and obviously the interest that is charged can be overwhelming.”

by Ephraim Vecina 16 Jan 2019  www.mortgagebrokernews.ca