Choose your payment plan
Select from multiple payment plans at closing, based on what fits your goals.
EquitySelect is a flexible HELOC that lets eligible homeowners access their equity, choose from multiple payment plans, and qualify using a capped payment instead of a traditional HELOC payment.
A traditional HELOC and EquitySelect, priced side by side at the line size you'd actually qualify for.
This quick video can help you understand the EquitySelect difference before you start your estimate.
A flexible home equity option designed for homeowners who want access, control, and a payment structure that feels easier to understand.
Select from multiple payment plans at closing, based on what fits your goals.
EquitySelect uses a capped monthly payment to qualify you, not the full traditional HELOC payment.
Access a revolving line of credit. Draw what you need, repay, and draw again.
Your selected payment structure is designed to avoid the traditional HELOC recast surprise.
You and your heirs will never personally owe more than the home’s value. Failure to fullfil the terms of the loan can result in foreclosure.
Unlike reverse mortgage products, EquitySelect is not positioned only around senior borrowers.
If the traditional HELOC payment makes qualifying harder or creates payment concern, EquitySelect gives you two clearer paths built around a lower qualifying cap and a lower starting payment.
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.
|
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 and second position options 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 |
EquitySelect is a home equity line of credit (HELOC) mortgage loan. Monthly payments may not cover all accrued interest, and unpaid interest is added to the balance, resulting in a balloon payment at the end of the term or upon payoff.
We offer a complete suite of mortgage products designed around different homeownership, retirement, and investment goals.
A traditional mortgage option for buying or refinancing a home with flexible terms, competitive rates, and guidance to compare available loan choices.
A traditional mortgage provides funds to purchase a property or refinance an existing mortgage. You repay the loan, plus interest, over an agreed term; as you make payments, your balance decreases and your home equity increases.
Qualified seniors 62 and older may be able to convert a portion of home equity into cash without monthly mortgage payments to help boost retirement income and cover expenses. Optional. (borrower still responsible for paying taxes and insurance).
This option may help eligible homeowners—typically age 62 or older, or 55 or older in certain states—access home equity to supplement retirement income, manage healthcare expenses, or fund home repairs and improvements. Loan amounts up to $4 million may be available for qualified borrowers, depending on the property’s state.
Borrowers must continue to pay property taxes and homeowners insurance or risk foreclosure.
FHA loans can offer 96.5% loan-to-value financing, 100% gift funds, down payment assistance programs, 580+ credit score options, and seller-paid 2/1 buydown options.
Access grants or loans for down payment and closing costs. Options may be available with a 600+ FICO score and are not limited to first-time homebuyers.
Use your home equity through a flexible revolving line of credit for expenses such as home repairs, education, major purchases, or other financial needs.
A Home Equity Line of Credit (HELOC) lets homeowners access their available home equity as needed through a flexible, revolving line of credit.
Jumbo loan options may offer up to 89.99% loan-to-value, loans to $3M, and $500k cash out with a 660+ FICO score. Interest-only payments may be available.
VA loans can help eligible veterans purchase with 100% financing and no mortgage insurance, so they can get pre-approved and shop with confidence.
The VA loan program may allow qualified veterans to purchase a home with no down payment. Unlike many other loan programs, VA loans are not subject to mortgage insurance. Speak with a mortgage loan originator to review your options and, if you qualify, obtain pre-approval documentation.
Non-QM loans can provide flexible income verification, asset-based underwriting, and alternative documentation paths for self-employed borrowers.
Self-employed non-QM mortgages are designed for borrowers who may not meet traditional income and documentation requirements, offering a possible path to purchasing or refinancing.
Alternative financing may offer up to 90% loan-to-value, $4M loans, $3M cash out, bank statement, P&L, and ITIN options, plus interest-only choices for 620+ FICO borrowers.
Investor loan options may include up to 80% LTV, $3.5M loans, $1M cash out, 640+ FICO, no DSCR, foreign national, interest-only, and non-owner-occupied options.
The timeline is simple, guided, and designed to keep borrowers moving from first estimate to available funds.
Start with a quick EquitySelect estimate and choose your goal.
Connect with a loan officer and complete the application.
HighTechLending reviews documents and orders the appraisal.
Your loan is reviewed, verified, and cleared for closing, if approved.
If approved, funds may be available in as little as 2–4 weeks.
*Typical funding time frame only. Timing is not guaranteed and depends on borrower responsiveness, appraisal, underwriting, and program eligibility.
Traditional HELOCs qualify you on the full interest-only payment. EquitySelect uses the capped qualifying payment from the Minimum Monthly Payment Percentage Plan chosen at closing. That one difference can mean the difference between denied and approved — especially for borrowers on fixed retirement income.
EquitySelect requires a minimum initial draw equal to the greater of: $75,000, 50% of the credit line for 1st liens (80% for 2nd liens), or any existing mortgage being paid off. After the initial draw, the rest of your approved line is available to access as you need it during the draw period.
At closing, you choose a Minimum Monthly Payment Percentage Plan from 1% to 5%, calculated annually on the outstanding loan balance. The chosen plan stays with the loan for its life and cannot be changed later. Because minimum payments may not cover all accrued interest, unpaid interest is added to the balance, which can result in a balloon payment at the end of the term or upon payoff.
Because EquitySelect minimum monthly payments may not cover all accrued interest, any unpaid interest is added to the loan balance over time. The full remaining balance — known as the balloon payment — becomes due at the end of the 40-year term, when the loan is called due, or upon payoff (such as when the home is sold or refinanced), whichever occurs first.
EquitySelect has no upper age limit and no minimum age beyond standard contracting age. The 1% and 2% Minimum Monthly Payment Percentage Plans are available to borrowers age 60 and older; the 3%, 4%, and 5% plans are available starting at age 55. EquitySelect is not a reverse mortgage — a HECM reverse mortgage requires age 62+, but EquitySelect is a traditional secured HELOC product.
Availability: Currently available in AZ, CA, CO, CT, FL, GA, HI, ID, IL, MI, NC, NJ, NV, OH, OR, SC, TN, UT, and VA. Not available in all states. We're actively expanding — if your state isn't listed and you'd like to be notified when it's available, contact us at (866) 243-5906.
No. You can pay down or pay off EquitySelect at any time without penalty. Because it's a revolving line of credit during the draw period, paying down your balance also restores availability — you can draw against it again.
A 1st-lien EquitySelect replaces any existing mortgage and sits in first position on the property. The draw period is 7 years and maximum line size is up to $4,000,000. A 2nd-lien EquitySelect sits behind your existing first mortgage; the draw period is 5 years and maximum line size is up to $1,000,000. Both share the same 40-year term, payment-plan flexibility, and non-recourse protection.
Figures shown are estimates only and do not constitute a commitment to lend. Subject to underwriting approval and program guidelines. HighTechLending, Inc. · NMLS #7147.
Corporate Headquarters
HighTechLending Inc is an Equal Housing Lender, NMLS ID #7147 (www.nmlsconsumeraccess.org).
2030 Main Street, Suite #500, Irvine, CA 92614.
