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Home Equity Loans

There might be more to your home than you think — like extra cash hiding as equity. Convert that equity into a loan or line of credit.

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Key Features

Competitive Rates

Customized Terms

Local Decisions

Friendly Service

Benefits
  • Convert the equity in your home into cash for anything:
    • Education expenses
    • Major life events
    • Home remodel projects
    • Debt consolidation
    • And more
  • Borrow up to 100% of your home’s value
  • The existing equity in your home is used as collateral backing
  • The interest paid may be tax deductible*
  • Competitive rates
  • Fixed monthly payments
  • Flexible payment options
  • Online account management
  • Fast decisions made locally in the Belpre or Marietta area
  • Attentive, friendly service from start to finish
Home Equity Lines of Credit (HELOC)

A home equity line of credit (HELOC) is secured by your home and allows you to access the available equity you have in your home. With a HELOC, you can borrow as much or as little as you need, whenever you need it — up to a credit limit established at closing.

As you repay your outstanding balance, the amount of available credit is replenished — meaning you can borrow against it again throughout your draw period. Whether you need to cover home improvements or fund a large purchase or dream vacation, HELOC financing can help. 

  • Turn the equity in your home into funds that are available as needed
  • Competitive financing for several ongoing or seasonal needs:
    • Education expenses
    • Major life events
    • Major home improvements
    • Debt consolidation
    • Emergency reserve
    • And much more
  • Borrow up to 100% of your home’s value
  • Competitive rates
  • Flexible payment options
  • Online account management
  • Funds available anytime without reapplying; apply once, then use repeatedly thereafter
  • Revolving credit — as principal is repaid, more becomes available for use
  • Funds easily available via in-person or phone transfers to a specified Riverside checking account
  • The interest paid might be tax deductible*
  • Set up automatic payments to be deducted from your account monthly
  • Fast decisions made locally in the Belpre or Marietta area
  • Attentive, friendly service from start to finish

FAQS

Can I make additional principal payments on a HELOC?

Yes. You can make additional principal payments once your current monthly payment has been satisfied.

Do I have to pay closing costs on a fixed rate home equity loan or a home equity line of credit?

Riverview will pay for all closing costs on a HELOC. You, as the borrower, would pay closing costs on a Home Equity fixed rate loan. 

How does a HELOC work?

A HELOC is a line of credit secured by your home. As with a credit card, you can borrow as needed up to an approved credit limit. A HELOC’s term includes a draw period, followed by a repayment period. At Riverview, you can draw (or borrow) money for 10 years. Interest will accrue on what has been borrowed. Your monthly payment is interest only, but we encourage you to pay towards the principal as often as possible to avoid a large balloon payment at the end of the 10-year draw period. 

How long does it take to get a home equity loan/line of credit?

Processing times are currently estimated to take up to 45 calendar days to close on a new home equity loan or home equity line of credit (HELOC) once we receive your application. Processing times may vary if an appraisal or additional documentation is needed.

How soon will I get my money once the home equity loan or line of credit closes?

If the property used to secure your equity loan or line of credit is your primary residence, there’s a 3-business-day waiting period after closing (you can change your mind and cancel your loan during this time). Your funds or line of credit will be available after the 3-day period ends. The 3-day waiting period doesn’t apply for investment properties and second homes.

What information will I need to apply for a home equity loan or line of credit?

The easiest way to apply is by going to our website or mobile and completing the online application. Once your application is received, have these documents on hand in case your Processor requests them:

  • Most recent 30 days of paystubs
  • Retirement statements (e.g., Social Security Awards letter)
  • Proof of homeowners insurance
  • 2 years of W-2’s
  • Copy of your deed 

Additional documentation may be required if you’re self-employed. This is not an exhaustive list of documentation that may be requested.

What repayment terms are available on a Fixed-Rate Equity Loan?

Riverview offers Fixed-Rate Equity Loans with 5-, 7-, 10- and 15-year repayment terms. 

What’s home equity?

Home equity is the difference between how much you owe on your mortgage and how much your home is worth. You can build equity as you pay down your loan balance and as the market value of your home increases. Riverview has home equity loan options that could help you to use your home’s equity to help you pay for life’s big expenses.

What’s the difference between a Fixed-Rate Equity Loan and a Home Equity Line of Credit (HELOC)?

With a Fixed-Rate Equity Loan, you receive the money you’re borrowing in a single payment, and the interest rate stays the same for the life of the loan. With a HELOC, you have the ability to borrow money whenever you need it up to your maximum credit limit. Unlike Fixed-Rate Equity Loans, HELOCs have variable interest rates.

Today’s Rates. Calculate your earnings or payments.

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mortgages Mortgages

As low as

*6.625%

APR

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mortgages Auto Loans

As low as

*4.60%

APR

Learn More

mortgages Certificates

Up to

*5.12%

APR

Learn More

mortgages Home Equity Line of Credit

As low as

*8.25%

APR

Learn More

*Rate dependent on several factors, the rate shown will not apply to every loan. Rates can vary based on other criteria.