HELOC:
Borrow when you need it with a Home Equity Line of Credit
No Closing Costs! Home Equity Line of Credit:
Planning a renovation? Need to pay off high-interest debt? Worried about tuition? Costly medical bills to repay? A HELOC can help.
Borrowed against the equity in your home, HELOC’s often offer lower interest rates. From a financial planning standpoint, it’s best suited for long-term, ongoing expenses.
No application fee
No annual fees
Request more information:
Contact our lending team at 765-962-3172 Ext 301 or send an inquiry using the form below.
Terms: Minimum loan of $10,000, maximum loan of $50,000. The term is 20 years, consisting of a 5-year draw period with interest-only payments followed by a 15-year repayment period, requiring principal and interest payments. This will likely increase your monthly payment during the repayment period. HCP Credit Union reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. Credit Union Membership Required. Rates are based on an evaluation of credit history, combined loan-to-value ratio, loan term, and occupancy, so your rate may differ. Not all applicants will qualify for the lowest rates. APR as low as 7.00% as of 11/06/2025. Interest rate is variable. Maximum APR that may be imposed under the plan is 18%. If you cancel or terminate your line of credit within the first 36 months of the date of funding, you will be assessed a prepayment /termination fee of $500.00. Interest will be charged at a variable APR based upon the Prime rate as published in the Wall Street Journal plus a margin.
HELOC FAQs
1. What is a HELOC and how does it work?
A Home Equity Line of Credit (HELOC) lets you borrow against the value of your home. You’re approved for a set limit and can borrow, repay, and borrow again as needed. At HCP Credit Union, you’ll have a 5-year draw period with interest-only payments, followed by a 15-year repayment period with principal and interest payments.
2. How can I use a HELOC from HCP Credit Union?
Homeowners in Richmond and Connersville often use HELOCs for home remodeling, paying off high-interest debt, covering tuition, or handling unexpected expenses. Because you only pay interest on what you use, it’s a flexible way to manage long-term costs.
3. What are the benefits of a HELOC compared to a regular loan?
A HELOC offers flexibility that a standard loan doesn’t. Instead of receiving one lump sum, you can draw funds as needed—similar to a credit card, but often with a much lower interest rate. You also only pay interest on what you actually borrow.
4. Who can apply for a HELOC at HCP Credit Union?
If you own a home in Richmond, Connersville, or the surrounding area and have built up equity, you may qualify for a HELOC. Membership with HCP Credit Union is required, and all applications are subject to credit approval.
5. How do I get started?
You can apply online at www.hcpfcu.org or contact HCP Credit Union’s lending team at 765-962-3172 ext. 301. There are no application fees, and no annual fees, so it’s easy to get started.