What Is HELOC For Seniors®? A Home Equity Option for Homeowners 62+

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Your home equity represents years of hard work — and it can be a valuable financial resource when you need it.

But as your financial needs change, the way you access that equity matters, too. If you’re 62 or older, you may be looking for an option designed with this stage of life in mind.

That’s where HELOC For Seniors® comes in.

HELOC For Seniors® is a home equity line of credit designed specifically for homeowners age 62 and older, offering a flexible way to access the equity you’ve built in your home.

From monthly payments and rates to qualification and access to funds, HELOC For Seniors® takes a different approach to the traditional HELOC. Here’s what you should know.

A HELOC Designed With You in Mind

HELOC For Seniors® combines the flexibility of a home equity line of credit with features designed around the needs of older homeowners.

Here’s what makes it different:

Reduced, Interest-Only Payments
With HELOC For Seniors®, your required monthly loan payments are interest-only for the life of the loan (as long as you meet your loan obligations, such as keeping current with property taxes, homeowners insurance, and maintenance). That means you won’t face a scheduled switch to principal-and-interest payments later in the loan — giving you greater predictability when managing your monthly finances.
Access Up to $400,000¹
Whether you’re planning home improvements, managing medical bills, consolidating higher-interest debt, or preparing for an unexpected expense, you may be able to access up to $400,000 of your home equity.¹ Your actual loan amount will depend on factors including your home value, available equity, existing liens, credit profile, and verified income.
A Fixed Rate for Each Draw²
With HELOC For Seniors®, each individual draw comes with its own fixed interest rate.
That means the interest rate for that draw won’t change after you borrow the funds. If you take another draw in the future, however, that draw may have a different fixed rate based on rates at that time.²
Access Your Available Credit Again and Again
Need flexibility beyond your initial draw? HELOC For Seniors® is an open-ended line of credit. After initially borrowing at least 80% of your available loan amount, you can repay principal and access available credit again during the 10-year draw period, up to a maximum of 25 draws.²
Qualification That Looks at More Than Employment Income
If you’re retired or living on a fixed income, qualifying for a traditional HELOC can sometimes be challenging. HELOC For Seniors® looks at your home equity and overall financial profile, not simply whether you receive traditional employment income. You’ll still need to meet applicable credit, income, property, and underwriting requirements.
A Simple, Streamlined Process
We’ve made the process simple — you can apply online, with approval potentially available in as little as 10 minutes.³ And with remote online notarization, you may be able to receive your funds in as few as five business days.³ All from the comfort of your home.

What Can You Use HELOC For Seniors® For?

How you put your available funds to work is up to you. Depending on your needs and goals, you might use your home equity to:

Make home improvements — tackle necessary repairs, update your space, or make changes that can help your home continue to meet your needs as you age.
Consolidate higher-interest debt — use available funds to pay off higher-interest balances or an existing lien and simplify your monthly finances.
Cover medical expenses — help manage healthcare bills or other care-related costs.
Manage everyday or unexpected expenses — give yourself additional financial flexibility when expenses come up.
Make a major purchase — access your equity for a larger expense on the horizon.
Enjoy your plans — take a long-awaited trip, enjoy a vacation, or visit family and friends.

Whatever your plans may be, HELOC For Seniors® gives you the flexibility to decide how to use your available funds.

Is HELOC For Seniors® a Reverse Mortgage?

No. HELOC For Seniors® is a home equity line of credit, not a reverse mortgage.

While both can help you access a portion of your home equity, there are important differences between the two. One of the biggest is how monthly payments work.

With HELOC For Seniors®, you make monthly interest-only payments. With a reverse mortgage, there are no required monthly mortgage payments.⁴

Both are ways to access home equity, but they work differently. Understanding those differences can help you explore your options and make an informed decision based on your needs and goals.

Could HELOC For Seniors® Be an Option for You?

If you’re 62 or older and have equity in your home, HELOC For Seniors® may be an option worth exploring.

Qualification depends on your home value and available equity, credit profile, income, existing liens, and overall financial picture. And if you’re retired or living on a fixed income, that doesn’t necessarily put a HELOC out of reach.

Of course, qualifying is only part of the picture. Whether HELOC For Seniors® may be a good fit for you depends on your individual needs, goals, and financial situation.

What Should You Know Before Applying?

If you’re ready to take a closer look, you can start by checking the rates and terms you may qualify for with a soft credit pull that won’t affect your credit score.⁵ If you choose to move forward with a full application, a hard credit inquiry will be required and may affect your score.⁵

Your application will also be subject to verification of information including your income and property value.³ And like any loan secured by your home, it’s important to understand the costs, requirements, and responsibilities before making a decision.

Want to know what happens next? Take a closer look at the HELOC For Seniors® application process here.

Your Home Equity. Your Plans. Your Terms.

Your home equity can open up new possibilities — and HELOC For Seniors® gives you another way to put it to work, based on what matters most to you.

Whether you’re exploring your options now or simply gathering information for the future, understanding what’s available is an important first step.

At Longbridge, we’re here to answer your questions and provide the information you need to make an informed decision for yourself.

Ready to see what may be available to you?
Check your eligibility for HELOC For Seniors® today.⁵ Or, if you’d like to learn more first, call 844-243-9935 to speak with a Longbridge consultant.

¹ 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. We determine home value and resulting equity through independent data sources and automated valuation models.

² 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.

³ 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.

⁴ Borrowers must meet loan obligations, such as keeping current with property taxes, homeowners insurance, and home maintenance.

⁵ 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.

It's time to explore a new way to unlock financial flexibility and peace of mind.

Ready to check your rate and see what’s possible?

*To check 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.