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What is a TD Home Equity FlexLine?
TD Home Equity FlexLine
The TD Home Equity combines the flexibility of a revolving line of credit with the stability of a Term Portion. With the TD Home Equity FlexLine, you are able to borrow up to 80% of the value of your home The TD Home Equity FlexLine is composed of 2 parts:
Revolving Portion: The portion of the TD Home Equity FlexLine that is available to you to use as revolving credit based on the Credit Limit. You can choose the size of the Revolving Portion up to 65% loan to value (LTV). Any amount borrowed above the 65% in the Revolving Portion must be set up in a Term Portion (up to 80% LTV).
Term Portion: The portion of the TD Home Equity FlexLine that is paid off over a period of time. You can set up a Term Portion for a part of your outstanding balance, or for the entire amount borrowed at setup (up to 80% of the value of your home) with an amortization period of up to 30 years. Note: Customers must qualify based on a 25 year amortization.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.