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Why is HELOC For Seniors® a Better Alternative for Seniors?

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If you’re like many older adults today, maintaining your financial independence is at the top of your priority list. But between rising costs of everyday living and the uncertainty of healthcare expenses, sticking to a fixed or limited budget isn’t always easy.

Just take a look at how times have changed: back in 1995, the typical American home cost about $114,000. Fast forward to today, and that number has climbed to over $400,000.1 That means the home you’ve spent years investing in has likely grown into one of your biggest assets.

At the same time, getting approved for traditional loans has become harder. In fact, nearly half of Americans (48%) who applied for a loan or financial product in 2024 were denied.2 And getting approved can be even more challenging for older homeowners—especially those on a fixed or limited budget. That can feel discouraging, but it doesn’t mean you’re out of options.

HELOC For Seniors® Breaks the Mold

The equity you’ve built in your home can be a powerful tool. The challenge? Traditional Home Equity Lines of Credit (HELOCs) simply weren’t designed with seniors in mind. They often come with high income requirements, complicated applications, and unpredictable payment jumps that can add financial stress during a time when peace of mind should be front and center in your life.

That’s why HELOC For Seniors® was created. This first-of-its-kind solution is designed exclusively for homeowners 62 and older—so you can unlock the value in your home with the flexibility, predictability, and confidence you deserve. With unique features and flexible requirements, you can feel confident that you can access the funds you need now, without compromising your financial security down the line.

Let’s take a closer look at why HELOC For Seniors® is a smart alternative to traditional HELOCs.

  • Designed with Seniors in Mind
    Most traditional HELOCs were built for borrowers with steady employment income—not for seniors and retirees. That’s why so many older homeowners find themselves hitting roadblocks or facing terms that may compromise their financial footing. HELOC For Seniors® changes that with simpler qualifications, flexible access, and—most importantly—predictable payments you can plan around.

  • Interest-Only Payments
    One of the biggest frustrations with traditional HELOCs is the payment “surprise” that happens when the repayment period kicks in and monthly costs suddenly spike. With HELOC For Seniors®, you’ll have reduced, interest-only payments for the life of the loan (as long as you meet loan obligations, staying current on property taxes, homeowners insurance, and home maintenance). Plus, every draw comes with a fixed interest rate, so you’re protected from unpredictable rate hikes.3 No sudden shocks. Just steady, manageable payments you can count on.

  • Fast, Flexible Access to Funds
    Life doesn’t always give you much notice when it comes to expenses. Whether it’s a home repair, medical need, or simply wanting extra breathing room in your budget, quick access to funds makes all the difference. With HELOC For Seniors®, the process is designed to be simple and stress-free:
    you can apply fully online, use e-Notary services, and no in-person appraisal is required.

    Plus, you can get approved in minutes and have funds available in as little as five business days!4 And because this is an open-ended credit line, once you’ve borrowed 80% or more, you can repay and redraw funds for up to 10 years (with a maximum of 25 draws).3 That flexibility helps you stay prepared—no matter what life brings your way.

  • Expanded Qualifications – Even on a Fixed Budget
    If you’ve been turned down by traditional lenders because of limited income, you’re not alone. Many retirees face this challenge, even after building up significant assets and home equity. With HELOC For Seniors®, your home equity and overall financial picture matter more than just a monthly paycheck. That means you can finally tap into the value you’ve worked so hard to build—without being penalized for enjoying your golden years.

Putting HELOC For Seniors® Funds to Work

Everyone’s retirement looks a little different. Some people are traveling the world. Others are helping grandkids with tuition. Many are simply trying to manage their monthly budget without giving up their lifestyle or the home they love. HELOC For Seniors® was designed to support all of those goals—whether you’re planning ahead, catching up, or just looking for a financial cushion you can trust.

Here are just a few ways you could put your HELOC For Seniors® funds to work for you:

  • Make Home Repairs or Upgrades. From replacing a roof to installing grab bars or updating your kitchen, maintaining (or improving!) your home can get expensive. With quick access to funds, you don’t have to delay important updates—and you can age in place more safely and securely.
  • Prioritize Medical or Long-Term Care Costs. With healthcare costs on the rise, even with Medicare or supplemental insurance, unexpected medical expenses can throw your budget off track. HELOC For Seniors® gives you flexible access to cash when you need it most—without having to liquidate investments or disrupt your monthly income.
  • Create a Safety Net for Emergencies. From sudden income changes to unexpected expenses and economic uncertainty, having easy access to funds provides stability and peace of mind if life throws you a curve ball.
  • Support Family or Loved Ones. Want to help a child with a down payment for a new home? Contribute to a grandchild’s education? Or simply offer a helping hand in a tough time? With HELOC For Seniors®, you can step in with confidence—and repay or redraw as needed.3
  • Pursue Your Passions. Retirement isn’t just about covering the basics—it’s also your time to enjoy the things you love. Whether it’s traveling, taking up a new hobby, starting a small business, or simply having the flexibility to say “yes” to new experiences, HELOC For Seniors® gives you the financial freedom to make the most of this chapter of life.

A Smarter Alternative to Traditional HELOCs

At the end of the day, HELOC For Seniors® isn’t just another HELOC—it’s a thoughtfully-built, unique alternative offering greater freedom and flexibility for older homeowners in or approaching retirement. If you’re ready to see if HELOC For Seniors®, checking eligibility is simple. It only requires a soft credit check (so there’s no impact on your score).5

Ready to take the next step? Apply online today and discover how HELOC For Seniors® can help you enjoy retirement with more confidence, stability, and peace of mind.

¹ https://www.nar.realtor/blogs/economists-outlook/flashback-to-1995-in-the-housing-market-vs-today

2 https://www.bankrate.com/credit-cards/news/credit-denials-survey/

3 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.

4 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.

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.

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