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.
Flexible Tailored Solutions
Why Choose EquitySelect?
Equity Select gives you more control and options for managing your retirement finances, with minimum monthly payments that adjust based on your balance while keeping your payments manageable.
- 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.
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
Long-Term Stability with No Surprises
40-Year Capped Payment and Non-Recourse Protection
EquitySelect is built for predictability. With a 40-year capped payment and non-recourse protection, borrowers can move forward knowing exactly what to expect—no matter how the market shifts.
- Capped monthly payments locked in for up to 40 years
- Designed to support long-term retirement planning
- Non-recourse protection ensures you or your heirs never owe more than the home is worth
- Keeps monthly obligations predictable, even in a rising rate environment
Choose the Payment Schedule That Works For You
Flexible Payment Options
EquitySelect gives you flexibility without compromise. Whether you’re looking to ease cash flow or take a more aggressive paydown, EquitySelect gives you options:
Monthly Mortgage Payments
start at just 1% of the annual loan balance
5 Payment Options
available
7 Year Draw
for added convenience
Pay More Whenever You Want Without Penalties
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.
Equity Select is a home equity line of credit which gives the option for the borrower to make monthly payments that are less than the interest accrued. If the monthly payment does not cover the monthly interest due, any deficiency will be added to the loan balance which will result in a balloon payment when the loan term ends or when paid off, if earlier.
Equity Select is a home equity line of credit requiring a minimum initial draw of 50% of the line of credit or $75,000, whichever is greater, with a 7-year draw period. The borrower cannot withdraw funds after the draw period ends.
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.
