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Homeowner ReadiLine®
Your home can help you realize your dreams.
- Homeowner ReadiLine is based on the idea that the equity in your home should be available to be accessed when you want or need it, for whatever you want or need it for – to purchase a second property or a new car, take that dream vacation or simply to take advantage of an opportunity as it comes up.
How Homeowner ReadiLine works.
- With one application, you can set up an account that allows you to access up
to 80% of the value of your current home or a new home.
- As you pay off your home, your equity becomes automatically available to
be accessed through your Homeowner ReadiLine account.
- There’s no need to refinance your mortgage or negotiate a new loan each time you need access to funds because Homeowner ReadiLine is ready when you are.
To open a Homeowner ReadiLine account, you either:
- need a 20% down payment if you are purchasing a home,
or
- need to have at least 20% equity in your current home.
What can I use Homeowner ReadiLine for?
Anything you want! Some of the ways BMO customers have used their Homeowner ReadiLine are:
- Purchase a second property
- Start a business
- Pay for a post-secondary education
- Pay for renovations
- Care for aging parents
- Buy a vehicle
- Contribute to an RRSP
- Consolidate debt
- Take a vacation
- Invest in the stock market
How do I know Homeowner ReadiLine is right for me?
Our experienced lenders will discuss your individual needs and situation with you, and show you how you can make your home work harder for you with Homeowner ReadiLine.
How do I access the funds (equity) available in my Homeowner ReadiLine account? You can use:
- A Homeowner ReadiLine MasterCard® access card at point of purchase or at an ABM
- Cheques
- Online Banking
- Telephone Banking
- Cash advance at a branch
- BMO debit card at an ABM
- Pre-authorized debits and credits
- Overdraft transfer arrangements
How often can I access the equity from my Homeowner ReadiLine account?
You can access your funds up to your credit limit as often as you wish for as long as you own your home.
How can I insure my Homeowner ReadiLine?
- Homeowner ReadiLine can be covered using Line of Credit Life Insurance
- Homeowner Readiline Revolving up to $300,000
- Homeowner Readiline Installment up to $600,000
I’m interested in learning more, what can I do?
- Visit your local branch
- Call 1 877 CALL BMO
- Contact Us
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