It’s uniquely designed with older adults in mind. Unlike traditional bank HELOCs, you’ll benefit from interest-only payments throughout the life of the loan⁴—in addition to a fixed rate per draw.³ This powerful combination means you can budget with confidence, knowing your payments won’t dramatically increase down the road.

It’s fast and easy: you can complete the 100% online application within 10 minutes—and if it’s approved, expect to receive your funds as soon as five business days¹ after the approval date. Just click Apply Now⁵ to get started—or if you still have questions, call 1-844-243-9935 to speak with a real, live person for help.

It’s based on a few key factors: first, you must be age 62 or older and have a significant amount of equity in your home. Other factors include credit score (660 or higher), debt-to-income ratio (up to 50%), and combined loan-to-value ratio (up to 75%). Single-family homes, duplexes, townhouses, and condos are all eligible, as long as you live in the home as your primary residence. Certain types of properties may not be eligible.

If you have enough home equity built up, you may qualify even on a fixed budget. HELOC For Seniors™ is a financial solution specifically designed for older adults who’ve worked hard in every stage of life to build equity in their homes—and now you can use it to help finance the next one.

Your loan amount will be largely based on how much home equity you have—from a minimum of $50,000 to a maximum of $400,000.²

Enjoy the option to redraw up to 100% of your credit limit. Upon an initial draw of 80%-100% of your credit limit, you may repay and redraw at any time within a 10-year draw period (maximum 25 draws).

At closing, you must take a minimum draw of 80% of the total loan amount, but you can choose a full draw if you wish—and use it any way you like:

• Make home repairs and upgrades to help you age in place
• Consolidate high-interest debt into one easy payment
• Help cover everyday expenses or medical bills
• Travel to visit family and friends more often
• Use for a new vehicle or other large purchase

There’s no risk to check your rate and seeing if you qualify will not affect your credit score.⁵

HELOC For Seniors™ does not have a preset maturity date. This means that if you keep up with the loan terms, the principal generally does not become fully due until you permanently leave the home, which could be upon your passing, selling the property, or if you permanently relocate.

As with any other home-equity loan, a lien is placed against your property to secure the loan. Monthly payments are due on interest only, provided you stay current with all required payments, including interest, property taxes, homeowners’ insurance, and any homeowner’s association (HOA) or planned unit development (PUD) dues, while also appropriately maintaining the home. You can pre-pay the loan at any time.

The loan principal becomes due upon a loan maturity event, which typically occurs when you permanently leave the home. This could be upon your passing, if you sell the property, or if you permanently relocate. At that point, you’ll need to pay the remaining principal balance in full by the due date on your final statement.

Keep in mind that your final monthly payment might be a different, potentially higher, amount. This adjustment accounts for any additional daily interest charges that might accrue, for instance, if a payment is made after its due date. The final payment amount will be adjusted to fully repay the balance.