Home Equity Loans
Looking to take on a big project or make a significant move? Your home may hold the key.
Put your home's equity to work for you, either as a loan or line of credit. We can match you to the right solution. And with no up-front fees or closing costs in most cases, you'll keep more money in your pocket.1
Easy to apply
Do it online in a matter of minutes.
Flexible funds
Use your money for debt consolidation, home improvements, and more.
It's your choice
Apply for a revolving line of credit or a lump-sum loan.
You have options.
Home Equity Line of Credit
Choose a line of credit that you can tap into again and again, as necessary.
- Reuse your funds over time as you need them
- Only pay interest on what you borrow
- Access funds with a card or checks
- 10-year draw period + 10-year repayment
- Interest-only monthly payment options available (for qualified borrowers)
- Prime Equity Line lets you access up to 80% of a home's value 2
- Equity Line Plus lets you access up to 90% of a home's value 2
Home Equity Loan
Receive your money all at once, which is helpful when you know exactly how much you need.
- One lump sum disbursed at closing
- Low, fixed interest rate and monthly payments
- Ideal for big projects or debt consolidation
- Borrow up to 90% of a home's value 2
Home Equity Application Checklist
Make sure you have these documents ready before you apply. And please note, additional documents may be required depending on your specific circumstances.
W2 Wage Earner:
- Pay stubs for the most recent 30-day period
- Social Security Award Letter (if applicable)
Self-Employed:
- Past two years' personal and business (corporate/partnership) tax return forms and schedules
- K-1s for prior two years if applicable
Rental Income:
- Past two years' personal tax return forms and schedules
- Copy of Homeowner’s Insurance Policy
Additional Information (if applicable):
- Divorce decree and property settlement – signed
- Bankruptcy papers
- Trust documents
Are you eligible for an Everwise loan?
If you're already a member, you must reside in Indiana and Michigan to qualify for a loan. If you are not a member, you must meet the eligibility requirements found here.
Tap into your equity. Unlock the potential.
Subject to membership requirements. APR = Annual Percentage Rate. The rate examples are current as of 1/20/2025 and are Everwise’s best rate. Rates and terms vary depending on loan to value ratio, credit evaluation and underwriting requirements. PMI=Private Mortgage Insurance, flood and/or property hazard insurance may be required. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. Payments examples do not include taxes or insurance premiums. The actual payments will be higher; and rates provided are based on current market rates and are informational only. If you're already a member, you must reside in Indiana and Michigan to qualify for a loan. If you are not a member, you must meet the eligibility requirements found here.
1 If a full internal/external appraisal is required or requested you will be required to pay the appraisal fee which can be up to $750. For line-of-credit loans, if the line is terminated within 36 months you will pay a termination fee up to $500 (unless refinancing with Everwise).
2 Less any existing mortgage.
Home Equity Loan
Payment Example: The monthly payment on a $25,000 loan at 7.00% APR for 5 years would be approximately $494.90.
Home Equity Line of Credit
Variable rate loan. Rates adjust monthly based on the Prime Rate as published in the Wall Street Journal, and the APR will vary from a low of 3.00% to a maximum of 12.00%. MAXIMUM RATE AND PAYMENT EXAMPLES: For the 1% Payment Agreement: If you had an outstanding balance of $10,000.00 at the beginning of the draw period, the minimum monthly payment at the maximum annual percentage rate of 12% would be $100.00. For the Interest-only Payments with $50 minimum: If you had an outstanding balance of $10,000.00 at the beginning of the draw period, the minimum monthly payment at the maximum annual percentage rate of 12% would be $99. The maximum annual percentage rate could be reached at the first-rate change. If you had an outstanding balance of $10,000.00 at the beginning of the repayment period, the minimum monthly payment at the maximum annual percentage of 12% would be $143.47 for both the 1% and interest only payments. The maximum annual percentage rate during the repayment period, could be reached in the first (1st) month of the repayment period.
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