"The first-lien HELOC program will allow borrowers to access the equity in their homes with flexible terms that include a three-year draw period, an interest-only payment period of 10 years and a 20-year amortizing repayment term in most states."
"Homeowners are sitting on unprecedented levels of equity right now, particularly those who no longer carry a mortgage, which is why we've added the first-lien option to our equity lending portfolio."
"A first-lien HELOC can be advantageous if the borrower needs flexible access to funds and can handle variable interest rates, but carries the risk of foreclosure if the borrower defaults."
"The California-headquartered lender rolled out its digital HELOC in November 2022 allowing homeowners to access $50,000 to $250,000 of equity through a 10-year, interest-only line of credit."
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