For too long, seniors have faced unnecessary hurdles when trying to access the equity they’ve built in their homes. Traditional bank Home Equity Lines of Credit (HELOCs) often come with strict income requirements, “set term traps,” and sudden, sometimes unaffordable payment increases—all of which can be stressful when living on a fixed income.
The Challenge for Older Homeowners
Too many older Americans can’t access their own home equity—not because of poor credit, but because traditional lending products simply weren’t designed with retirees in mind.
Take this for example: more than half of HELOC applications are denied because of unaffordable monthly payments.1 And for those who do qualify, balloon-style repayment plans—where payments jump significantly at the end of the term—can lead to financial strain, or worse, default.
The reality is that many older homeowners are already stretched thin. Nearly one in three seniors carries mortgage debt into their 70s and 80s,1 and over 7 million homeowners aged 65+ spend more than 30% of their income on housing.2 For about half of these households, housing costs eat up more than 50% of their income, according to Harvard University’s Joint Center for Housing Studies.2
For retirees, these financial burdens can undermine their ability to live comfortably—or even remain in their homes.
The Solution: HELOC For Seniors™
Now, there’s a better way.
We’re proud to introduce HELOC For Seniors™, the first HELOC designed exclusively for homeowners aged 62 and older.
HELOC For Seniors™ can give you the cash—and the options —you need, with senior-friendly features tailored to your unique financial situation:
- Reduced, Interest-Only Payments
Managing your finances should be simple, not stressful. With HELOC For Seniors™, you’ll enjoy reduced, interest-only payments for the life of the loan (as long as you keep current on property taxes, insurance, and maintenance). Fewer surprises, more peace of mind—so you can focus on what matters most. - Up to $400,000 Cash3, With a Fixed Rate Per Draw4
From home renovations to medical bills, you can access the funds you need with stability you can count on. Each draw comes with a fixed interest rate, so you’re protected from the risk of payment spikes due to variable interest rates. - Fast Approval and Funding
Time is valuable—literally. With a streamlined online application and e-Notary services, you can be approved in minutes and funded in as little as five business days5—all from the comfort of your home. - Flexible Qualification: Looking Beyond Income
Traditional bank HELOCs focus heavily on current income, which can make qualifying tough for retirees. HELOC For Seniors™ takes a different approach, looking at your home equity and other assets. This makes it easier to qualify—even if your income is fixed.
- An Open-Ended Line of Credit: Access Your Funds Again and Again
Need ongoing financial flexibility? HELOC For Seniors™ is an open-ended credit line. This means you can access your credit again and again, up to your full credit limit! Once you’ve initially borrowed 80% or more, you’ll have the flexibility to repay and redraw for up to 10 years (with a maximum of 25 draws).
What Can You Do With HELOC For Seniors™?
Your home equity represents years of hard work—now it’s time to make it work for you. With HELOC For Seniors™ the power is in your hands, and the possibilities are truly endless:
- Make Home Improvements
Turn your house into a home that suits your needs for years to come. Whether it’s widening doorways, installing a walk-in tub, or upgrading your kitchen, HELOC For Seniors™ gives you the funds to enhance your space. These updates can make aging in place safer and more accessible while helping you avoid the financial and emotional costs of moving or transitioning to assisted living. - Consolidate High-Interest Debt
Medical bills, credit cards, and other debts can pile up quickly, eating into your savings. HELOC For Seniors™ allows you to tap into your home equity to consolidate high-interest balances, easing financial stress. Plus, you can establish a financial cushion for unexpected costs, giving you added peace of mind for the future. - Help Cover Medical Expenses
Healthcare costs can be unpredictable, but your financial strategy doesn’t have to be. With HELOC For Seniors™, you can access funds to manage rising healthcare expenses and prepare for future care needs, ensuring you stay in control of your finances while enjoying the comfort of your home.
- Simply Enjoy Your Retirement
Retirement is about more than financial security—it’s about living the life you’ve worked hard to achieve. Whether that means traveling, supporting loved ones, or exploring new hobbies, HELOC For Seniors™ gives you the freedom to enjoy your passions without financial worry.
The Solution You Need For the Life You Deserve
With HELOC For Seniors™, you get fast access to cash with monthly payments you can afford. Plus, there’s no risk to check your eligibility—just a soft credit check that won’t affect your score.6
Ready to learn more? Take the first step today and apply online!6
