See if You Can Unlock the Power of Your Home’s Equity Today
Discover Financial Flexibility with EquitySelect
Access your home’s equity, if you qualify, with customizable payment options that suit your lifestyle.
See if you can prequalify now!
Flexible Tailored Solutions
Why Choose EquitySelect?
- Example 1: If your line of credit balance is $200,000 at the end of the month, and you chose the 1% minimum payment option, your payment that month would be $167.
- Example 2: The next month, if you withdraw additional funds for a home remodel and your new balance is $300,000 at the end of the month, your minimum payment option would be just $250.
Click here to view our terms and conditions
This flexibility allows you to access the funds you need with payment options that adjust to your balance. With a built-in cap* on your monthly payment, you will never pay more than a set amount, even if interest rates rise. No surprises. Just a smarter way to borrow, with options designed to work for you. If you are looking for clarity, Equity Select delivers. *Cap is determined at the time of your application and is based on the payment plan selected.
Complete Flexibility
Smaller Monthly Payments
Longer Terms, Less Worry
Protected Funds
Consistent Payments, Built In
A loan designed to help you plan with confidence
- Your monthly payment will never exceed a set maximum, no matter how much you borrow
- Payment cap remains in place even if interest rates go up
- Helps you avoid the risk of unexpected payment increases over time
The built-in payment cap is one more way Equity Select offers predictability and control.
*Cap is determined at the time of your application and is based on the payment plan selected.
Compare Your Options:
EquitySelect vs. Other Products
EquitySelect stacks up against FHA Reverse Mortgages and traditional HELOCs, offering a clear comparison of payments, terms, qualifications, and more.
See how EquitySelect stands out with its low-interest payments, extended terms, and borrower-friendly features.
Scroll to the right to see >
| Product |
|
FHA Reverse Mortgage LOC | HELOC |
|---|---|---|---|
| Minimum Payments | As low as an annual 1% | Optional | Interest Only the first 5-10 years (then principal and interest) |
| Term | 40 Years | N/A | 15-30 years |
| Pre-payment Penalty | None | None | Pre-payment penalties can be charged in some cases - make sure to ask your lender |
| Counseling | Online Video | HUD-approved in-person or over the phone counseling required | None |
| Qualifications | First position loan and must be primary residence and have equity | First position loan and must be a homeowner age 62+ and use the home as primary residence and have equity | Second position loan and qualify based on credit score and income |
| Credit Requirements | 650 | Must prove ongoing expenses can be paid | Based on lenders requirements |
| Annual Fees | None | Ongoing FHA annual insurance | Annual fee to keep the loan open |
Interest Rate is based on Secured Overnight Financing Rate (SOFR) Index + Margin (APR). APR excludes loan fees, points and similar charges relating to opening, renewing, or continuing the account.
Quick and Transparent Process
Your ES Timeline
EquitySelect offers unmatched flexibility with payment options as low as 1% of your loan balance and a 40-year term that won’t recast. With no prepayment penalties and a protected line of credit, you can access your home’s equity on your terms.
Application with a Product Explainer Video and Acknowledgement
This is the starting point of your EquitySelect HELOC journey. You complete an application with details about your financial situation and property. You also watch a product explainer video to learn how the EquitySelect HELOC works, followed by signing an acknowledgment to confirm you have reviewed the terms.
Appraisal and Title Ordered
At this stage, a property appraisal is scheduled to determine the current market value of your home, ensuring it meets the requirements for the EquitySelect HELOC. Additionally, a title search is conducted to verify there are no liens or issues with your property ownership that could impact your loan.
Submitted to Underwriting
Your application and supporting documents are submitted to the underwriting team. They carefully review your financial information, property value, and other relevant factors to ensure you meet the eligibility criteria for the EquitySelect HELOC.
Approved!
Congratulations! Your EquitySelect HELOC application is approved. This means the lender confirms you meet the qualifications. You receive a formal approval notification outlining the terms of your loan.
Clear Outstanding Conditions
Before moving to closing, you may need to provide additional documentation or address specific conditions required by the lender, such as proof of insurance or updated financial records. Once these are resolved, you are ready to move forward.
Closing
You meet with a notary or closing agent to sign the final loan documents and review all terms of your EquitySelect HELOC. This step finalizes the agreement between you and the lender, and any closing costs are outlined here.
Funding
After closing, the EquitySelect HELOC funds become available to you. You can now access your line of credit and use it as needed for your planned expenses or projects.
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Get the Answers You Need
Contact Us
We understand that you may have questions about our loan products and services. To help you get the information you need quickly, we’ve compiled a list of the most frequently asked questions. Browse through the answers below or contact our team for further assistance.
We Want To Be Your Lender For Life
Why Choose EquitySelect?
- 1. Apply Online: Quick and easy application process.
- 2. Get Approved: Tailored loan options reviewed with our experts.
- 3. Access Your Funds: Flexible draw and payment options to suit your needs.
Integrity in Every Interaction
We uphold the highest standards of honesty and transparency in all our dealings. Trust is the foundation of our relationship with clients, and we are committed to earning and maintaining it every day.
Customers at the Heart of Our Service
Our clients are at the heart of everything we do. We strive to understand your needs and provide tailored solutions that truly meet your financial goals.
Delivering Excellence Every Day
We are dedicated to delivering top-notch services and innovative solutions. Our pursuit of excellence drives us to continuously improve and exceed your expectations.
Delivering Excellence Every Day
We are dedicated to delivering top-notch services and innovative solutions. Our pursuit of excellence drives us to continuously improve and exceed your expectations.
*Cap is determined at the time of your application and is based on the payment plan selected.
