How is a Collateral Charge at Tangerine different from Conventional Charge?


Collateral Charge MortgageConventional Charge Mortgage
Registered for 100% of the property valueRegistered for the loan amount
Interest and payments are based only on the balance outstandingInterest and payments are based only on the balance outstanding
Creates room for future borrowing up to the charge amount without incurring legal costs Future borrowing would involve refinancing through a lawyer with legal costs
Option to add a Home Equity Line Of Credit under current charge without incurring legal costs Adding a Home Equity Line Of Credit would involve refinancing through a lawyer with legal costs
Transferring to another lender would involve refinancing through a lawyer with legal costsCan be transferred “as is” to another lender without incurring legal costs
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