Home Equity Line of Credit (HELOC)

What is it?

DirectLenderMatch classifies Home Equity Line of Credit (HELOC) under the financing form “Revolving mortgage line.” Its typical use in this directory is: Reusable borrowing against home equity.

How does it work?

The structure is generally evaluated, supported, or secured using the following basis: Home equity; junior lien commonly. Exact underwriting, eligibility, terms, and availability are provider-specific and can change.

What can it be used for?

Reusable borrowing against home equity.

What backs or supports it?

Home equity; junior lien commonly.

Why does this structure exist?

This structure provides a defined way to address the financing need described above. The provider, transaction, collateral, and underwriting context determine how the structure is implemented in practice.

Important considerations

Confirm current costs, risks, licensing, eligibility, collateral treatment, recourse, tax consequences, and availability directly with the provider and appropriate professional advisers. DirectLenderMatch does not compare rates or recommend products.

Is this actually a loan?

Loan or credit structure

Workbook classification: Yes. Financing forms such as leases, purchases, shared equity, advances, and guarantees may solve a funding need without being conventional loans.

Verified lenders or providers

Direct / platform lender

Figure Lending

Figure currently offers HELOC lending directly through its lending platform.

Official evidence page →

Last verified: 2026-08-23

Direct lender

PenFed Credit Union

PenFed currently offers a revolving home-equity line of credit.

Official evidence page →

Last verified: 2026-08-23

Other sources & comparison

DirectLenderMatch lists providers whose offerings have been individually documented, but the list is not exhaustive. Banks, credit unions, mortgage lenders, mortgage brokers, and other locally or nationally licensed providers may offer this type of financing. Availability, eligibility, and program terms vary by provider and location.

Financing terms can differ between sources. An initial offer is not necessarily the only available option. Reviewing more than one source can help show differences in rates, fees, repayment terms, eligibility requirements, collateral treatment, and other conditions.