Gershman Mortgage, Truss Financial Launch New HELOC Offerings

Gershman Mortgage and Truss Financial Group have launched distinct home equity line of credit (HELOC) offerings designed to enable homeowners to access their accumulated equity without altering their existing first mortgage rates. These product introductions address a market where millions of homeowners are currently benefiting from low mortgage rates, making refinancing less appealing despite significant equity growth. The new HELOCs allow borrowers to tap into their home's value for various needs while preserving their favorable first-lien rates.

Gershman Mortgage has introduced a "5-Day HELOC" specifically for owner-occupied properties. This product allows eligible borrowers to secure up to $750,000 through a HELOC with repayment options spanning 10, 15, 20, or 30 years. The lender stated that applicants can initiate the process without a hard credit check and potentially finalize the closing within five business days. Jeff Ogden, senior vice president of production at Gershman Mortgage, highlighted the product's utility for homeowners seeking to access equity for renovations, education expenses, or debt consolidation without touching their primary mortgage.

Concurrently, Truss Financial Group has launched a debt service coverage ratio (DSCR) HELOC targeted at residential real estate investors. This offering permits borrowers to access up to $1 million in equity across their investment properties. A key feature of Truss's product is its ability to underwrite loans based on the rental property's cash flow rather than the borrower's personal income or debt-to-income ratio. The program is available for non-owner-occupied, one- to four-unit residential properties, providing investors with a new avenue to leverage their real estate assets.