Home Equity Line of Credit

Whatever Your Goal Is We’ll Help You Make It a Reality

If you’re a homeowner in need of cash, a Home Equity Line of Credit (HELOC) may be the solution for you! Use the equity in your home to help with home improvements, debt consolidation, education, wedding expenses, or whatever your goals may be. At Viriva, homeowners can take advantage of the equity in their home to get the cash they need while enjoying a low variable rate and the flexibility of drawing funds when you need it.

Home Equity Lines of Credit

Loan to Value (LTV)Draw PeriodAPR As Low As1
80%7 Years3.50%
90%7 Years3.75%

Frequently Asked Questions

What is a Home Equity Line of Credit (HELOC)?

A Home Equity Line of Credit is a revolving line of credit for homeowners. It uses your home as collateral. As the borrower, you can apply to be pre-approved for a certain limit, based on factors like your household income, credit score, and home value. Many homeowners use this loan type for home improvements, education, medical bills, or any major purchases. How you use your Home Equity Line of Credit is up to you.

How do I know how much equity I can borrow against?

We use the Loan-To-Value calculation to determine how much equity you can borrow against. As a general idea, here is an example for illustrative purposes only, of how we may calculate your eligible loan amount:


You’ll need the following information:

  • Your property value (Example: $250,000)
  • Your current mortgage balance and other liens against your property (Example: $115,000)
  • The Loan-To-Value (LTV) percentage you want to borrow. Viriva offers 80% and 90%. (For this example we’ll use 80%)


$250,000 (Property Value) X .80 (LTV) = $200,000

$200,000 - $115,000 (liens/mortgages owed) = $85,000

$85,000 = Estimated available equity 

What is the turnaround time for a Home Equity Line of Credit?

In most cases, the Home Equity Line of Credit process can take as little as three weeks from application to disbursement.

How do I access my Home Equity Line of Credit?

Once you are approved, accessing your HELOC is as easy as transferring the funds into your Viriva account and writing a check. Simply make advances on your HELOC, when you need it, by either calling our Call Center, visiting a Viriva branch in person, making transfers through our CUTalk Telephone Banking, or It'sMe247 Online Banking service.

Do I have to pay off the Home Equity Line of Credit by a certain time?

Yes, many home equity plans set a fixed period during which you can borrow money called a 'draw period' with minimum monthly payments. At Viriva, we have a 7-year draw period. At the end of this draw period, you have an additional 8 years to payoff the remaining balance on the line. 

What do I need to get started with a Home Equity Line of Credit?

You can apply Online Here or call us at 888-7-Viriva. Please have the following information ready:

  • Member and Social Security number
  • Employer name and length of employment 
  • Annual gross income amount
  • Property address
  • Property value
  • Outstanding mortgage balance and monthly payment amount
  • Year acquired
How do I decide if this is the right plan for me?

If you’re considering applying for a Home Equity Line of Credit, look for a program that fits your particular needs. Read the credit agreement very carefully so you know the terms and conditions of the plan. Viriva's program offers competitive rates and terms. Compare interest rates and any costs associated with opening the Home Equity Line of Credit. 

What is the difference between draw period and repayment period?

A draw period is the length of time you have to make advances on your Home Equity Line of Credit. It is essentially the borrowing period. During the draw period, you will make payments on the funds that you advanced on your line. Once you reach the end of the draw period, you are no longer able to borrow against your Home Equity Line of Credit and will continue to make payments according to your repayment term.


After the draw period ends, you will enter the repayment period. Viriva repayment period is an additional eight years after the draw period. 

What if I want to extend my draw period?

To extend your draw period you will need to reapply for the Home Equity Line of Credit. One month prior to the end of the draw period, Viriva will notify you about your options. 

What other resources are available to me?

The Consumer Financial Protection Bureau offers an excellent booklet called 'What You Need to Know about Home Equity Lines of Credit' that consumers can download.

Download It Here ›



Home Equity Line of Credit Program

  • Low variable rate
  • Lending area includes Pennsylvania & New Jersey
  • The minimum loan amount is $5,000 with a maximum
    of $100,000, depending on the available equity in the home
  • 7 years draw period (the borrowing period)
  • Draw funds when you need it and only the amount you need
  • Funds can be disbursed in as little as 3 weeks
  • Interest may be tax-deductible; consult your tax advisor
  • Primary residence only will be used as collateral