本文发表在 rolia.net 枫下论坛Readvancable mortgages are products that are recently offered by all big banks, such as BMO Readiline, and CIBC Home Power Mortgage. The first re-advancable mortage is Manulife One, introduced in 2002 - 2003 time frame. It is very convenient, in that the upper limit in the line of credit portion increases as you pay off the mortgage portion. This is a must for the "Smith Manoeuvre," advertised by Fraser Smith in www.smithman.net. Refer to my previous post in this thread about the details of the "Smith Manoeuvre," with risks involved.
After some additional research, I found that BMO Readiline is a bit less convenient than a traditional secured line of credit. For example, it cannot be linked with an ATM card, and thus cannot be equivalent with a checking account. My BMO Mortgage Specialist also told me that it cannot be used to directly deposit the monthly paycheque, which is a disappointing drawback in its features. It can only be spent by writing cheques (unlimited) and by using the BMO Mastercard Access Card.
Sorry for writing in English.
-- Utopia更多精彩文章及讨论,请光临枫下论坛 rolia.net
After some additional research, I found that BMO Readiline is a bit less convenient than a traditional secured line of credit. For example, it cannot be linked with an ATM card, and thus cannot be equivalent with a checking account. My BMO Mortgage Specialist also told me that it cannot be used to directly deposit the monthly paycheque, which is a disappointing drawback in its features. It can only be spent by writing cheques (unlimited) and by using the BMO Mastercard Access Card.
Sorry for writing in English.
-- Utopia更多精彩文章及讨论,请光临枫下论坛 rolia.net