HELOC For Seniors

How It Works:

Standalone for HELOC for the 1st or 2nd lien position
Up to $400k¹ credit limit
Soft credit inquiry: Borrowers know what they prequalify for in seconds, with a full credit report not being pulled into closing³
100% online application: Borrowers can apply from the comfort of home—no need for a trip to the bank
Fast funding: Borrowers can apply in minutes with funding in as few as 5 business days²
No term: Principal and any interest due upon maturity event, interest-only payments required as long as borrowers occupy their home as their primary residence and stay current on taxes, insurance, and maintenance

Product Overview

Lien position: 1^st or 2^nd lien position
Terms: Principal is repaid when the home is sold, or borrower is no longer meeting loan terms.
Amount range: $50k–$400k⁴
Rate discounts: 0.25% (autopay enrollment)
Minimum Age: 62
Credit minimum: Primary: 660
CLTV max: 75%
Debt-to-income: < 50%
Origination fee: 1.99%⁵–3.99%
Property types: Single family residences, townhomes, planned unit developments, condominiums, duplexes
Draw period: 10 years (maximum 25 draws)
Disbursement: A minimum of 80% of the line drawn at funding (additional draws must be at least $500)
Valuation: Determined by AVM, No appraisal required, Information provided by third party, Fully online and automated – completed in seconds!
Early Payoff: Borrower can pay off their loan at any time with no prepayment penalties.

Other Information

Home cannot currently be listed for sale
90-day seasoning required from date of purchase
No condominium questionnaire required
We do not accept Power of Attorneys (POAs)

Let’s Talk

Speak with us today and we will clear up all the questions you have. We will ensure that you have all the facts on this program, and we pride ourselves in making sure that every critical piece of information you need is properly disclosed to you (with no hidden details).

¹ Loan amounts range from a minimum of $50,000 to a maximum of $400,000...

² Approval may be granted in ten minutes but is ultimately subject to verification...

³ To check the rates and terms you qualify for, we will conduct a soft credit pull...

⁴ Loan amounts range from a minimum of $50,000 to a maximum of $400,000...

⁵ Unless limited by applicable state law.

For industry professionals only — not intended for distribution to the general public.

This is to be used for informational purposes only and should not be construed as legal advice.

Please consult with your own legal/compliance department.

This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.