Transform your home equity into generous gifts for loved ones with a HELOC
Have you always hoped you would have the financial flexibility to help your children achieve their dreams?
HomeEQ’s HELOC helps you leverage the value you’ve built in your home to give impactful financial gifts that support your family’s needs. Apply today and access your funds swiftly through our streamlined digital process.
Get Your OfferEmpower their dreams with your home equity
Your hard-earned home equity is a powerful tool for helping loved ones achieve milestones that may otherwise be out of reach, including:
- A down payment on a first home
- Higher education funding
- Starting a business
- Wedding celebrations
- Major anniversaries
- Medical expenses
- Debt relief
- Purchasing a vehicle
HomeEQ’s HELOC offers the flexibility to choose when and how much to give, ensuring you meet your family’s needs at critical moments without compromising your financial security.
How to leverage home equity for gifting purposes
A home equity line of credit (HELOC) is a versatile financial solution that allows you to borrow against the equity you’ve accumulated in your home.
HELOCs work similarly to a credit card, with a revolving line of credit that you can draw from as needed, repay the borrowed amount, and draw again up to your credit limit for as long as the line is open.
It’s a practical solution for funding substantial gifts because you can access cash quickly in times of need while preserving your own savings.
Benefits of using HomeEQ’s HELOC for gifting
- Quick and easy digital approval process
- Access to funds within as few as five days
- Borrow from $25,000-$350,000 to cover significant gifts
- Flexible repayment terms from 5-30 years
- No prepayment penalties, offering you flexibility in managing repayments
How HomeEQ’s HELOC simplifies generous gifting
- Initiate the process with our online application to outline your financial scenario and needs.
- Complete our straightforward application in just 15 minutes for immediate approval.
- Once approved, receive the funds promptly and plan your generous gifts.
HELOC rates and terms for gifting
Familiarize yourself with our competitive HELOC rates and flexible terms that make financing large gifts feasible and straightforward.
HELOC FAQs
While the direct act of gifting doesn’t typically involve tax implications on the loan itself, it’s essential to consult with a tax advisor to understand potential impacts when large sums are involved.
With HomeEQ’s HELOC, you can access your home’s equity to provide substantial financial gifts, such as helping with a home down payment or buying a new car.
This flexibility allows you to directly support your children’s major life events using a revolving line of credit you can draw from and repay as needed.
A HELOC offers lower interest rates and more flexible withdrawal and repayment options than personal loans, making it a cost-effective way to manage large gifts.
HomeEQ’s digital HELOC simplifies the application, approval, and funding processes, giving the borrower greater control and convenience than other types of loans.
Consider your long-term financial health, the equity available in your home, and your ability to repay the line of credit without compromising your financial stability or retirement plans.