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 or you can draw funds by transferring to another account. Then when you need cash for a specific reason, you can write a check to cover the amount or you can use CU Online or our mobile app to transfer money. 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 may allow a tax deduction for HOMELINE (HELOC) loan interest. Consult your tax advisor to see if you qualify for such a deduction.

Fees & Costs

*HELOC loans over $50,000 in first lien position or without verifiable title insurance on a First Mortgage will require title insurance.  This is a one-time premium paid by the member at closing and the cost is determined by the amount of the loan.  HELOC loans will receive a lender credit up to $500.00 to be used towards closing cost. (if closing cost are less than $500.00 you will only receive credit for the actual cost)  Average closing costs $441, plus the cost of title Insurance if applicable* A $25 annual fee applies, this fee is waived the first year.  Homeowners insurance 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.

Effective date: 04-15-25

Mortgage Loan Officers:

Northeast Family FCU #411952

Joanne S. Todd #1055651

Kelly Gendreau #1009976

Betsy De Jesus #2475137