Borrowing keeps the home but adds a monthly payment and interest, so it usually suits an owner who plans to stay and needs a portion of the equity now for renovations, debt or a large expense.
Selling converts all of the equity to cash at once, with legal fees on the Saskatoon side typically running $800 to $1,500 and the balance going to the seller after the mortgage is paid out through Information Services Corporation at possession.
For anyone on a shorter timeline where the equity itself is the plan, not just a piece of it, selling is usually the more direct route. Get your hand-reviewed valuation from Joel Dyck.