You may be able to borrow against the equity in your home to finance other needs like a renovation. You can generally borrow up to 75% of the appraised value of your house, and up to 90% if you insure the mortgage against default. RBC Royal Bank mortgages that were registered after March 16, 1996 have an automatic Add-On option, which could save your money on legal costs if you choose to take advantage of this option. Ask me for exclusions, details, conditions and restrictions.