What Are the Benefits of a HELOC for Homeowners in Richmond, Indiana
If you own a home, you may have more financial flexibility than you think. The value you’ve built in your home—called equity—can be a powerful tool to help you reach your goals. With a Home Equity Line of Credit (HELOC) from HCP Credit Union, homeowners in Richmond and Connersville, Indiana can borrow against that equity to fund renovations, pay down debt, or cover important expenses—all with local service and competitive rates.
Borrow When You Need It
A HELOC lets you borrow against your home’s value as needed. It works like a credit card—you’re approved for a certain amount and can borrow, repay, and borrow again. You’ll only pay interest on what you use, making it a smart, flexible way to manage bigger expenses over time.
At HCP Credit Union, there are:
No application fees
No annual fees
No closing costs
You can even get started online or reach our lending team directly at 765-962-3172 ext. 301 for personalized help.
How a HELOC Works
Borrow as needed: Use funds during the 5-year draw period with interest-only payments.
Repay over time: After that, you’ll enter a 15-year repayment period with principal and interest payments.
Loan amounts: Borrow between $10,000 and $50,000.
Competitive APRs
Smart Ways to Use a HELOC
Homeowners in Richmond and Connersville use HELOCs for many smart financial goals:
Home renovations: Update your kitchen, add a deck, or improve energy efficiency.
Debt consolidation: Pay off higher-interest credit cards or loans at a lower rate.
Education or medical costs: Cover tuition, healthcare, or other large expenses.
Emergency flexibility: Keep a line of credit available for life’s surprises.
Why Choose HCP Credit Union
When you borrow from HCP Credit Union, you’re working with people who live and work in the same community you do. You’ll get:
Fast, local loan decisions
Competitive variable interest rates
No application or closing costs
Personal guidance from our lending experts
Important Terms to Know
Loan amount: $10,000 minimum, $50,000 maximum
Term: 20 years total (5-year draw period + 15-year repayment)
Credit approval required
Membership required
Rates are based on credit history, loan-to-value ratio, loan term, and occupancy. Not all applicants will qualify for the lowest rate.
Get Started Today
Ready to see how your home’s equity can work for you?
Get started online, or call 765-962-3172 ext. 301 to talk with our lending team about a Home Equity Line of Credit that fits your needs.