586 - Should You Use Your Home Equity to Pay Off Debt in This Market?

586 - Should You Use Your Home Equity to Pay Off Debt in This Market?

Author: Doug Hoyes November 22, 2025 Duration: 34:52

Turn your home equity into a plan, not a panic button! This episode gives a clear, practical checklist for using a HELOC or second mortgage wisely: how they work, what they cost, when they help, and when alternatives (like a consumer proposal) will protect your cash flow and your home better. Listen first, then decide with the numbers.

(00:00) Toronto condo stress and Welcome to Scott Terrio
(05:00) What a HELOC is and how it works
(07:30) Second mortgages: key risks
(09:00) Home "value" is changing in this market
(11:00) HELOC pitfalls and personal risk
(15:30) Why many homeowners resist selling
(17:00) Could creditors place a lien anyway? Get the numbers
(21:00) Banks can cut credit access—even existing limits
(25:00) Snapshot of cash flow: budget vs. "budgeting," emergency funds
(31:00) Rebuilding plan: why it isn't too late

Think Twice Before Getting a Home Equity Line of Credit Episode with Scott Terrio  – Debt Free in 30

HELOC Debt: Is a Home Equity Line of Credit Right for You? Hoyes Michalos

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Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 100

Debt Free in 30
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