Home Equity Line of Credit (HELOC)

A HOMELINE (HELOC) is the most affordable way to get cash for:

  • Home Repairs
  • Home Improvements
  • Education Expenses
  • Medical Expenses
  • Large dollar purchases
  • Family Financial Obligations

What can you use your account for?

Because your line of credit uses your home as collateral, you should use it carefully and for significant items only, rather than day-to-day expenses. Consider a variety of important needs, such as family financial obligations, large item purchases, home improvements and medical or education expenses.

Using your account is simple and convenient

When you open your account, you receive special checks that allow you to access your funds. Then when you need cash for a specific reason, you can write a check to cover the amount. The minimum withdrawal amount for which you can write a check is $100. The maximum is your pre-approved credit limit. You can write checks on this account for up to 10 years or until you have reached your maximum loan amount. If you pay back part of what you borrowed, you may continue to borrow those funds during the 10-year draw period. At the end of the draw period, you have 15 years to repay the loan.

Enjoy a Tax Advantage

Federal law often allows a tax deduction for HOMELINE (HELOC) loan interest. Consult your tax advisor to see if you qualify for such a credit.

No fees helps you to save

There are no application or processing fees on your loan--no points to pay, no hidden expenses. There is an annual fee of $25, waived the first year. Title and homeowners insurance may be required.

Apply for your Home Sweet-Home-Loan today!

It's easy. Visit the credit union for an application or call us at 860-646-8870. Once you submit your completed application we'll start the process quickly--and you'll start enjoying the benefits of having the cash to do what you want when you want.

  •   The interest rate on the HELOC is established by adding together the index and the margin. The Index is the highest prime rate published in the Wall Street Journal.  Prime -1.00% with a floor of 4.5
  • The maximum annual percentage rate that may be imposed in a variable-rate plan is 14% at 80% LTV (Loan to value) and 18% at 90% LTV (Loan to value)
  • Title Insurance Premium (if necessary) is paid by the member. Annual fee of $25 (waived the first year).
  • Home Owners Insurance is required at all times. If we are notified of a lapse in coverage the Credit Union will force place coverage under a blanket policy. The cost of this coverage will be added to the balance of your loan. Please note, because this is a blanket policy it holds a higher premium cost than maintaining an individual policy.

Effective date: 05-01-17

  • Equal Housing Lender NCUA
  • Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. government agency