HighTechLending Expands EquitySelect Loan Eligibility and LTVs

National mortgage lender HighTechLending announced significant enhancements to its EquitySelect product line, effective immediately through its wholesale channel. These changes expand borrower eligibility, increase maximum loan-to-value (LTV) ratios, and broaden access to low-payment qualification options for home equity loans. The move aims to assist homeowners who possess substantial tappable home equity but face restrictive credit conditions and elevated interest rates that limit access to conventional home equity products.

David Peskin, CEO at HighTechLending, stated that the expanded eligibility and increased borrowing capacity will empower partners to assist more borrowers in accessing their built-up home equity while navigating qualification challenges inherent in traditional products. The 1% qualifying payment plan is now accessible to homeowners aged 55 and older, and those between 50 and 54 can now qualify with payment plans as low as 3%. Concurrently, maximum LTVs have been elevated across all five payment plan tiers (1%, 2%, 3%, 4%, and 5% of the current annual balance), enabling qualified borrowers to access a greater portion of their home equity.

These enhancements apply to both the EquitySelect 1st Position Loan and the EquitySelect 2nd Lien HELOC, with loan amounts reaching up to $4 million, according to HighTechLending. The company markets the program as a solution for various financial needs, including debt consolidation, home improvements, retirement planning, and emergency expenses. EquitySelect was initially launched in September as a first-lien home equity loan offering monthly payments as low as 1% of the annualized loan balance, subject to a cap. A second-lien version, introduced in January, does not affect existing first mortgages, a crucial factor for borrowers who secured historically low rates in recent years. The product is designed to function similarly to a credit card.