Despite increased competition, wholesale lender Homepoint has rolled out a new home equity line of credit (HELOC) product. The goal is to court more brokers at a time when home equity levels remain high. 

Available on investment properties, single-unit owner-occupied properties and second homes, Homepoint’s HELOC product allows eligible borrowers to access between $20,000 to $400,000 of their home’s equity as a line of credit, the Michigan lender said Monday. 

Provided that borrowers keep at least 15% equity in their home, they can get a HELOC through Homepoint with a five-, 10-, 15- or 30-year term and two- to five-year draw terms.

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