HighTechLending, Inc. is an Equal Opportunity Lender, acting under the following trade names: American Senior and American Senior Lending. NMLS: #7147, 2030 Main Street, Suite #500, Irvine, CA 92614. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, License #4130937; FL Mortgage Lender Servicer License #MLD1409
Equity Select is a mortgage loan and must be repaid accordingly. Interest Rate is based on Secured Overnight Financing Rate (SOFR) Index + Margin(APR) APR excludes loan fees, points and similar charges relating to opening, renewing, or continuing the account. A minimum monthly payment is required.
Making the minimum payment does not cover the entirety of your interest charges, and additional interest will be added to the balance of your loan resulting in a balloon payment, which will be due at the end of the loan term. Equity Select is a home equity line of credit requiring a minimum initial draw of 50% of the line of credit or $75,000, whichever is greater, with a 7 year draw period. The borrower cannot withdraw funds after the draw period ends. Equity Select is a home equity line of credit which gives the option for the borrower to make monthly payments that are less than the interest accrued. If the monthly payment does not cover the monthly interest due, any deficiency will be added to the loan balance which will result in a balloon payment when the loan term ends or when paid off, if earlier.
