we speak with Jon Paradise with Town & Country Federal Credit Union. Home equity loans and lines of credit (HELOCs) are back. 

Home equity loans and lines of credit (HELOCs) are often called second mortgages because you’re borrowing against the value in your home not covered by your first mortgage. They haven’t been popular for years, in part due to low mortgage rates and in part due to the loose lending practices involving them that helped precipitate the foreclosure crisis 15 years ago. But mortgage rates aren’t that low anymore and home equity lending is far more tightly regulated now, leading to a resurgence.

Home Equity Options:

Fixed rate for different terms

HELOC – Home Equity Line of Credit

HELOC – Interest only.