Introducing HELOC For Seniors™: Your Home Equity—on Your Terms

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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

¹ Mayer, C. J., & Moulton, S. (2020). Research on HECM: Home Equity Conversion Mortgages. Retirement Income Journal. Retrieved from https://retirementincomejournal.com/wp-content/uploads/2020/10/Research-HECM-Mayer-and-Moutlton-9-20.pdf

²Housing America’s Older Adults, Joint Center for Housing Studies of Harvard University, Appendix Table W11. See https://www.jchs.harvard.edu/housing-americas-older-adults-2023.

³ Loan amounts range from a minimum of $50,000 to a maximum of $400,000. 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. We determine home value and resulting equity through independent data sources and automated valuation models.

⁴ 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. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.

⁵ Approval may be granted in ten minutes but is ultimately subject to verification of income, employment, and property value, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our 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.

⁶ 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.

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Age(Required)

Please enter a number from 62 to 130.

To qualify, must be 62 or older

Estimated Home Value(Required)

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Proceeds based on appraised home value.

Existing Mortgage Balance

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(if applicable)

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Spouse Age

Co-op properties, rental homes, and rental apartments do not typically qualify. Contact a Longbridge specialist for more information.

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Introducing HELOC For Seniors™: Your Home Equity—on Your Terms

The Solution: HELOC For Seniors™

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