New home equity solution combines monthly payment choice, lifetime caps, and nonrecourse protections to help homeowners build financial flexibility in retirement
American Senior Lending, a national home equity solutions leader, today announced the launch of EquitySelect – aninnovative,nonrecourse, first lien homeequityloandesigned to advance the financial flexibility of Americans entering or in retirement.
EquitySelect sets itself apart from other solutions on the market through monthly payment choice and built-in protections for aging homeowners. Borrowerscan choosetheirmonthly paymentplan-as lowasanannualized1%-allowingforminimum monthlypaymentsthatadjustbasedonaborrower'sloanbalance.**Each loan offers a lifetime monthly payment cap, ensuring monthly payments will never exceed a predetermined amount, even if interest rates rise or the borrower draws down their full credit line or pays below the full interest for the life of the loan..
Unlike traditional HELOCs, EquitySelect is nonrecourse, meaning borrowers and their heirs will never owe more than the home is worth. Qualificationisbasedonthe lifetime cap,resulting in lower monthly payments when determiningdebt-to-incomeratio(DTI).
“Today'sfinancialchallengesinretirementrequire reimagined financial solutions built on choice and innovation. We reimagined asset-based lending using home equity. We spent several years designing this product and building a web-calc to provide customized quotes within seconds,”said DavidPeskin,Presidentand CEOof AmericanSeniorLending.”Whether a homeowner is looking to consolidate debt,access the equity in their home for everyday needs, or the need to renovate an aging home, EquitySelect is redefining retirement home lending with a flexible, tailored, and affordable way to create financial flexibility.”
Homeequityremainsthelargest asset for many older Americans. According toDecember2024estimatesfromFreddieMacand theFederalReserve, asmuch ashalf ofthe nation'stotal homeequity isheldbyhomeownersage61orolder.As near and current retirees living on fixed incomes face rising living and insurance costs, flexible borrowing options have become increasingly critical.
In a pilot program,a75-year-oldborrowerqualifiedfor a$300,000EquitySelectloan, taking $150,000atclosing.Theirinitialmonthly paymentwas just$126forthefirstmonth and willnot exceed$391over thenext 40years,evenafter withdrawingthe remainingbalance, until the final balloon payment when the loan is due.
“EquitySelectisabout givinghomeownersmorechoice after being forced into an 'either-or' box for too long,”saidEricEllsworth,ExecutiveVice PresidentofSalesatAmericanSenior Lending.”EquitySelectbreaksthatmoldbycombining desiredfeaturesofexisting mortgageproducts into one flexible, highly tailored financial solution.Feedback fromourpilotbrokerpartners confirmswhatwe'velong known:consumerswantamore flexiblewaytoaccesstheir equity.”
EquitySelect'stermsinclude noannualfees, nopre-paymentpenalty,and a fixed 40-year term with aprotectedlineof credit.Asecond-lienvariationisalso currentlyindevelopment.
To access the loan, aborrowermustensuretheloanisinfirstpositiononaprimaryresidencewithtappable equity.Brokerpartners canaccess the product throughwidelyavailableloanoriginationsystemsand an interactive online calculator.
Formoreinformation,including terms,conditions,availability,andaproduct calculator, please visit https://wholesale.americansenior.com/equityselect/
*Minimumpayments donotcovertheentirety ofinterestcharges andcouldresultin additionalinterestaddedtothetotalloanbalance,dueinaballoonpaymentattheendof the loan term. Equity Select requires 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, and the payment will be capped for the remainder of the term.
AboutAmericanSeniorLending
Since2007,American SeniorLendinghasofferedreliablemortgagesolutionstailoredto yourneeds.Offering FannieMae(conventionalfixedmortgage),FHA, Non-QM, HELOCsandreverse mortgages,theirwinningstrategyconsistsofacarefullycraftedblendofexcellentprice, nicheproductofferings andexceptionalcustomer service.Tolearnmoreaboutour company,pleasevisit thecompany'swebsite andformoreinformationandtoobtain an instantratequote, pleasevisitusat https://wholesale.americansenior.com/
American Senior Lending, NMLS ID # 7147 (www.nmlsconsumeraccess.org), Equal Housing Lender.
Contact: MelissaGiglio, mgiglio@hightechlending.com
https://edge.prnewswire.com/c/img/favicon.png?sn=LA75856&sd=2025-09-17
View original content to download multimedia:https://www.prnewswire.com/news-releases/american-senior-lending-launches-equityselect-a-first-of-its-kind-nonrecourse-home-equity-loan-302559210.html
SOURCE Hightechlending Inc dba American Senior Lending
https://rt.newswire.ca/rt.gif?NewsItemId=LA75856&Transmission_Id=202509170908PR_NEWS_USPR_____LA75856&DateId=20250917