A "Home Equity Loan", "Home Equity Line","refinancing your mortgage / re-mortgage" and getting a "second mortgage" are all different names for the same thing and are sometimes used as a debt consolidation option.These terms refer to the bank lending you money against the portion of your home that you own.So if the bank thinks that your home is worth 0,000 and your mortgage is for 0,000, then you own ,000 of your house. Increasing your mortgage is something that the bank may let you do, by taking out a second mortgage to use up some of this equity to pay off your debts.(Check out our handy mortgage and debt consolidation calculator).You would then have two mortgages: your first mortgage and a second mortgage which could be the debt consolidation home loan.If this is something you're interested in doing, speak with your bank or credit union to find out how it works, to get information about the mortgage rules in Canada and if this option could work for you.
You could also sell your house to pay off debts, though this should be a last resort and pertain to your situation, e.g. There are things to know before using your home equity line, so to choose the best way / option that fits your situation, especially if you're retired and your income has changed, talk to a trusted, accredited non-profit Credit Counsellor.
Sometimes you can get the same interest rate on your second mortgage as you got on your first mortgage, but this isn't always possible (talk to your lender to find out more).