Officially, it’s called a home equity line of credit, but you can call it a HELOC, for short. Whatever you call it, a HELOC from Greater Nevada Credit Union can help you unlock the equity in your home to pay for a large expense or to consolidate debt. Offered through GNCU’s home lending subsidiary, Greater Nevada Mortgage (GNM), a HELOC can help you put your home’s equity to work.

Home Equity Line of Credit (HELOC)
Tap Into Your Home’s Equity
What is a HELOC?
Unlike a traditional home loan, a HELOC is a special offering that taps into the equity you already have in your home. For instance, if you have paid $100,000 of your $500,000 mortgage principal already, and your home’s current appraised value is $500,000, then you may be eligible to borrow up to 80% of your equity, or $80,000 for this example, to fund large expenses or to consolidate your debt into a single payment.
In short, a HELOC is like a personal loan that operates as an equity line of credit, much like a credit card. You use it when you need it. A Greater Nevada HELOC allows you to borrow money as you need it and only repay what you use. It’s unlike a traditional lump sum/home equity loan (better known as a second mortgage) which features a fixed amount of borrowed funds.
Fueling Your Dreams
How Does a HELOC From a Credit Union Work?
A home equity line of credit features a draw period — usually around 10 years — during which time you can access your credit any way you prefer. Much like a credit card, you only pay interest on the actual amount of money you have drawn — not the entire amount you are approved for. After the draw period comes to a close, repayment begins. Usually, this repayment period lasts up to 20 years, during which time you can no longer borrow the money, and must repay it. You continue to repay your loan amount until the balance is fully repaid. HELOCs typically come with a variable interest rate, meaning your monthly payment could vary over time as the rate r increases or decreases.
What can a Credit Union HELOC Be Used For?
As with a credit card, a HELOC can be used to fund a number of personal goals, from debt consolidation to home improvements and unexpected emergencies. Here are a few examples of how you could use your HELOC funds.
Be it a medical event or an urgent car repair, an emergency can arise without warning. Be ready by securing the funds to react quickly with a HELOC.
Want to remodel your kitchen or add on mother-in-law quarters? Fund your next home improvement project with a HELOC.
When credit card and medical bills get a little out of control, rein them in with a HELOC that will help you consolidate all your outstanding debt into a single monthly payment at a typically lower interest rate.
Ready to take the next step in your life through higher education? Finance your or your family’s educational pursuits with a HELOC.

Apply for a HELOC Today
Ready to move forward with your dreams by applying for a Greater Nevada HELOC? Use the tools below to get started.
Greater Nevada Mortgage | NMLS ID: 279738 | CA ID: 41DBO-61467 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act
1 APR = Annual Percentage Rate. The APR can vary and is based on the Prime Rate plus a margin of 0.00% to 1.50% based on borrower credit rating and other qualifications. The APR is subject to change each month, based on changes to the highest Prime Rate published in the Wall Street Journal “Money Rates” table. Minimum APR is the Prime Rate, maximum APR 18%. Up to 80% CLTV available with credit lines from $25,000 to $250,000 subject to collateral type and borrower qualifications. Fees and closing costs to establish a HELOC generally total between $0 – $1,500 and are paid by the borrower. $75 annual fee beginning on the first anniversary date. $500 pre-payment penalty if the HELOC is closed within 36 months of origination. Rates, terms and conditions are effective as of July 27, 2023, and are subject to change without notice. Loans are available for 1-2 unit, owner-occupied properties in the state of Nevada only. Greater Nevada Credit Union membership is required prior to loan funding. Additional terms and conditions may apply. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Borrower should consult a tax adviser for further information regarding the deductibility of interest and charges. This is not a credit decision or a commitment to lend. We do business in accordance with the Federal Fair Housing Law and the Equal Opportunity Act, and the California Fair Employment and Housing Act.