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Are cashback mortgages really helpful?

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  • Are cashback mortgages really helpful?

    Hi

    I am planning to renovate my home, unfortunately, my savings won't be sufficient. Recently, I heard about something called cashback mortgages. How can it help me?

    I came across some details. There are high penalties for breaking cashback mortgages. And there is a high miscellaneous cost for the mortgage. Sometimes there will be restrictions on a cashback mortgage. Such as registering another mortgage behind the first mortgage may not be allowed. Getting a HELOC on the property may become more difficult.

    Can anyone explain this to me? If it is good, I would like to meet some companies helping with cashback mortgages in Canada (http://www.mortgagesmortgages.ca/mortgage-types/cash-back/). Expecting your replies. Thank you.
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