Equity-Based Loans

  • The HELOC acts as an open, revolving line of credit on your home, similar to how a credit card works. You have a set maximum amount you can draw from, pay back, and draw again.

    • Product Types: We offer two separate HELOC options:

      • Variable HELOC: The rate is variable and is subject to change with market fluctuations. This option is only available on a 30-year term.

      • Fixed HELOC: The rate is fixed and will not change. This option is available in 30-year, 20-year, and 15-year terms.

    • Closing Costs: Closing costs on both products are wrapped into the loan amount, meaning there are no out-of-pocket expenses for you.

    • Initial Draw: You must pull out at least 75% of the total line amount requested at closing.

    • Draw Period: There is a 3-year draw period during which you can access cash from the equity line. After this period, the line closes, and the repayment phase begins.

  • The HELOAN acts as a secondary, fixed-rate term loan secured by a lien on your property.

    • Structure: Provides a fixed, lump sum of cash at closing.

    • Terms Available: Choose from fixed terms of 30, 20, 15, or 10 years.

    • Disbursement Requirement: You must draw 100% of the loan proceeds at closing.

    • Closing Costs: Closing costs are wrapped into the loan amount, meaning there are no out-of-pocket expenses for you.

  • Reverse mortgages allow eligible homeowners 62 and older to convert a portion of their home equity into tax-free funds without monthly mortgage payments. It’s a flexible way to access cash while staying in your home.

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