As we get older, it’s only natural to start thinking differently about our finances. Retirement changes our cash flow, priorities shift, and many of us start looking for ways to make the most of what we’ve worked so hard to build—especially the equity we’ve built in our homes.
That’s where HELOC For Seniors® comes in. Designed exclusively for homeowners aged 62 and older, this innovative solution offers a smarter, more convenient way to access your home equity—without the complexities and surprises that can sometimes come with traditional borrowing options.
But how do you know if this loan is right for you? Below, we’ll walk through what could make you a good candidate for HELOC For Seniors®.
- You Have Sufficient Home Equity
One of the key factors that makes this loan work is having substantial equity in your home—typically 50% or more. The more equity you have, the more borrowing power and flexibility you’ll enjoy.
- You Value Flexibility—And Need Cash Now
Unlike traditional bank HELOCs, HELOC For Seniors® puts you in control of how and when you use your funds. You can borrow, repay, and borrow again—up to your full credit limit. Once you’ve initially drawn 80% or more of your available funds, you’ll have the flexibility to repay and redraw as needed for up to 10 years, with a maximum of 25 draws.
This kind of flexibility makes it a versatile option for a wide range of needs, whether you’re planning for home improvements, consolidating debt, covering medical expenses, making a major purchase, or simply preparing for life’s unexpected moments. It’s a straightforward, adaptable solution designed to work for both your immediate priorities and your long-term financial plans. - You’re Planning Ahead for Retirement Expenses
Retirement isn’t just about the expenses you can predict—it’s also about preparing for the ones you can’t. From rising healthcare costs to the all-too-often surprises that come with homeownership, it helps to have a flexible financial resource at your fingertips. HELOC For Seniors® can provide that added peace of mind, giving you access to funds when you need them—without forcing you to tap into your savings or investments too early. It’s about having a plan in place to help you feel more secure and confident in whatever the future may bring. - You Want an Alternative to a Reverse Mortgage
Reverse mortgages can be a useful option for some homeowners—but they’re not the right fit for everyone, and not all borrowers will qualify. If you’re exploring alternatives, HELOC For Seniors® offers a flexible solution that could align with your goals. With the option to make interest-only payments—as long as you meet your loan obligations and stay current on property taxes, homeowners insurance, and required home maintenance—you can manage your cash flow while keeping more control over your loan. And because it’s a revolving line of credit, you’ll have the ability to borrow funds as needed and repay over time,1 all while retaining full ownership of your home.2 - You’re Comfortable Maintaining Your Home
Like any loan secured by your home, you’ll still need to stay current on your property taxes, homeowners insurance, and regular maintenance. If you’re confident in keeping up with these responsibilities, HELOC For Seniors® can be a powerful tool for putting your home’s value to work—while you continue to enjoy it.
Ready to See If You Qualify? Here’s What to Know.
Now that we’ve covered who might benefit from HELOC For Seniors®, let’s talk about the practical side of things: what it takes to qualify. Think of these as a few straightforward checkpoints to ensure this flexible loan is the right fit for you and your home.
- First Up: Your Age
HELOC For Seniors® was specifically designed to address the needs of those nearing or entering retirement, so you’ll need to be 62 or older to qualify. - Your Credit Score Matters
Just like with most financial products, your creditworthiness counts. To qualify for HELOC For Seniors®, a minimum FICO score of 660 is typically required. - Is Your Property Eligible?
Your home is where the equity lives, so it needs to meet a few criteria. HELOC For Seniors® is available for a variety of property types, including:- Single-family homes
- Duplexes (2 units)
- Townhomes
- Condos
- Planned Unit Developments (PUDs)
The Bottom Line: Is HELOC For Seniors® Right for You?
If you’re seeking a smart, flexible way to tap into your home’s equity, and you meet our outlined qualifications, HELOC For Seniors® could be an invaluable tool for your retirement. Unlike traditional bank HELOCs, it can give you greater control and peace of mind with benefits like interest-only monthly payments2 and a fixed rate per draw.3
Ready to see how much you could qualify for? Checking your eligibility is risk-free and only requires a soft credit pull—meaning you can explore your options without negatively impacting your credit score.4 Take the first step and apply online today!