Borrow What You Need, as You Need It

Tap into your equity for home improvements, college tuition, debt consolidation, medical bills, and for other unexpected events in life. A Home Equity Line of Credit functions as a credit card and uses the equity of your home as collateral. Borrow the amount you need, while only paying interest on the funds withdrawn, and repay within the 15 year repayment plan.


Effective as of 10/23/2019
Home Equity Line of Credit / HELOC10 yr Draw / 15 yr RepaymentStart Rate 5.00%

*APR = Annual Percentage RateRates are subject to change without notice. Please contact UKRFCU for more details.

Do More with Your Money

In order to apply for a Home Equity Line of Credit, you must be a member of UKRFCU. Visit our Membership page to learn more about our eligibility requirements today. Tap into your equity and apply for a HELOC below.


A home equity loan involves borrowing a fixed amount of money at one time. With home equity loans, you can generally borrow up to 80 percent of the current appraised value of your home, minus your outstanding mortgage balance. Home equity loans often come with a fixed interest rate and term, and your monthly payments include principal and interest.

With a home equity line of credit (HELOC), you can establish a line of credit against the equity in your home and draw on the money as you need it. The initial amount you can borrow is set by the lender, but you can typically borrow up to 80 percent of the current appraised value of your home, minus your outstanding mortgage balance. HELOCs almost always carry a variable interest rate. You only have to pay interest on the amount outstanding. Keep in mind, though, that the total amount withdrawn will have to be repaid or refinanced at the end of the term.

A HELOC offers you flexibility because you can draw money from the line of credit as you need it and pay back accordingly. A HELOC can be used for a one-time expenditure or ongoing financing needs. Plus, you may enjoy having a “safety net” available in case of a financial emergency.

On the other hand, a home equity loan can be a good option if you need a set amount of money for a specific purpose. Plus, a home equity loan is a smart choice if you prefer the safety of a fixed rate and fixed payments, especially in a rising rate environment.

As an added benefit, under some circumstances the interest on a home equity line or loan may be tax-deductible. Please consult your tax adviser.

No matter what your borrowing needs are, be sure to contact UKRFCU for rates and terms on a loan that fits your budget. Call our Loan Department at 215-725-4430.