HELOC for Seniors ®
A Home Equity Loan designed specifically for Homeowners 62+ years of age
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Reduced, interest-only payments for the life of the loan
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Up to $400,000 cash at a fixed rate per draw
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Fast approval and funding - in as few as 5 business days
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Qualification based on your home equity and assets - even while on a fixed income
- Open-ended line of credit - access credit line multiple times up to your credit limit
Important Loan Program Details
HELOC for Seniors is an open-end product where a minimum of 80% and up to a maximum of 100% of the full loan amount (less the origination fee and costs) must be drawn at closing. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the 10-year draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. According, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
Your Maximum loan amount may be lower than $400,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. Loan amounts range from a maximum of $400,000 to a minimum of $50,000, unless a lower loan amount is required under applicable law. The lender determines home value and resulting equity through independent data sources and automated valuation models.
Approval may be granted in as little as 10 minutes but is ultimately subject to verification income, employment, and property value, as well as verification that your property is in at least average condition with a property report. Five business day funding timeline assumes closing the loan with the lender's remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing or require a waiting period prior to closing.
To check the rates and terms you qualify for, we will conduct a "soft credit pull" that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a "hard credit pull" and may affect your credit.
Borrower(s) must meet loan obligations which include staying current on property taxes, insurance and maintenance.
Your Maximum loan amount may be lower than $400,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. Loan amounts range from a maximum of $400,000 to a minimum of $50,000, unless a lower loan amount is required under applicable law. The lender determines home value and resulting equity through independent data sources and automated valuation models.
Approval may be granted in as little as 10 minutes but is ultimately subject to verification income, employment, and property value, as well as verification that your property is in at least average condition with a property report. Five business day funding timeline assumes closing the loan with the lender's remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing or require a waiting period prior to closing.
To check the rates and terms you qualify for, we will conduct a "soft credit pull" that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a "hard credit pull" and may affect your credit.
Borrower(s) must meet loan obligations which include staying current on property taxes, insurance and maintenance.