Your 2023 tax forms have been mailed. They are also available in digital banking by selecting Documents & Statements, then Tax Forms & Notices. Learn more at selco.org/tax-forms.

Home Equity Lines of Credit

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Home Equity Line of Credit (HELOC)

A variable-rate, revolving line of credit you can draw on for a period of time, typically between 5 and 15 years. Tap what you need, when you need it, and accrue interest only on what you use.

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Home Equity Conversion Loan

Part HELOC, part fixed rate loan, this option lets you pick a time during the HELOC’s draw period to convert all or a portion of your balance to a fixed-rate loan with predictable monthly payments.

Compare SELCO's Flexible Home Equity Options

Features HELOC HELOC Conversion Loan
Ideal for Flexibly tapping your home’s equity over time, like ongoing home improvements or tuition payments. Financing a large project or one-time expense, like a remodel or debt consolidation.
Type of interest rate Variable Fixed
How it works A 5- to 15-year draw period followed by a repayment period of up to 15 years. Interest owed is based on what you use. Access what you need when needed with a Home Equity Visa® card, deposit funds into your SELCO account, or request a cashier’s check. Convert all or part of your HELOC balance (minimum $5,000) to a fixed term loan with consistent monthly payments.
The SELCO difference No application or origination fee. Closing costs (except appraisal and title insurance, if needed) are paid by SELCO. No application or origination fee. $25 conversion loan fee is waived if conversion is made at the time the line of credit is funded.
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Account Type Ideal for Type of interest rate How it works The SELCO difference
HELOC Flexibly tapping your home’s equity over time, like ongoing home improvements or tuition payments. Variable A 5- to 15-year draw period followed by a repayment period of up to 15 years. Interest owed is based on what you use. Access what you need when needed with a Home Equity Visa® card, deposit funds into your SELCO account, or request a cashier’s check. No application or origination fee. Closing costs (except appraisal and title insurance, if needed) are paid by SELCO.
HELOC Conversion Loan Financing a large project or one-time expense, like a remodel or debt consolidation. Fixed Convert all or part of your HELOC balance (minimum $5,000) to a fixed term loan with consistent monthly payments. No application or origination fee. $25 conversion loan fee is waived if conversion is made at the time the line of credit is funded.

Resources

Couple standing in front of house

Homeowners Can Put Equity to Work with a HELOC

While upgrades, renovations, and additions often help maintain or even boost a home’s value, these undertakings can be costly. Thankfully, homeowners have an effective tool at their disposal—their home’s equity.

Looking to Consolidate Debt? Try a HELOC.

Burdened by high-interest credit cards? A home equity line of credit can be a great way to consolidate debt and minimize monthly payments.

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Buying Your First Home: A Realistic Guide

Buying a home at any point can feel intimidating. This guide can help you consider whether it's the right time to buy your first home.

Couple Working On Home Improvement Projects

Knowing Your Home Improvement Options

Learn the difference between a home equity loan, HELOC, and refinancing, to determine the best option to reach your home improvement project goals.