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Home Equity Lending Needs a Tech Refresh

CUs can differentiate themselves and better serve members by embracing technology like virtual inspections.

By Jeremy McCarty | April 28, 2023 at 09:00 AM
Hand photographing house apartment kitchen island room for sale or rent with phone smartphone closeup point of view in modern luxury condo home with blurry bokeh background Source: AdobeStock

With rising mortgage rates and a tight economy, homeowners in need of cash are turning to home equity lines of credit (HELOCs). And, thanks to rising home values over the last decade, homeowners are sitting on more equity than ever that they can use for remodeling, debt consolidation or just a rainy-day fund.

Recently, many homeowners have opted to remodel or add on rather than move to a new house. With interest rates where they are, these homeowners don’t want to touch their low-interest first mortgage when tapping into their home equity, so a home equity loan is now one of the most viable options to convert equity into cash.

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