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HighTechLending expands EquitySelect eligibility and raises LTV caps
The updates take effect immediately for the wholesale channel and increase qualifying options for borrowers 55 and older, with loan amounts up to $4 million.
HighTechLending has rolled out updates to its EquitySelect home equity offerings, expanding borrower eligibility and increasing maximum loan-to-value ratios across multiple low-payment plans, HousingWire reports.
The changes apply immediately through the company’s wholesale channel and cover both the EquitySelect 1st Position Loan and the EquitySelect 2nd Lien HELOC, with loan amounts available up to $4 million.
Under the revised program, the 1% qualifying payment plan is now available to homeowners ages 55 and older, and homeowners ages 50 to 54 can qualify using payment plans as low as 3%. HighTechLending also raised maximum LTVs across the five payment plan options, including 1%, 2%, 3%, 4% and 5% of the current annual balance.
HighTechLending said the program is intended to help borrowers access tapped home equity amid tighter credit conditions and higher rates, and it markets the loans for needs such as debt consolidation, home improvements and retirement planning. The company added that the 1st lien EquitySelect debuted in September, while the 2nd lien version launched in January and is designed not to disturb existing first mortgages.