American Senior Lending, a dba of HighTechLending (HTL), is positioning its new home equity line of credit (HELOC) as a credit card-like tool for seniors — particularly those who don’t qualify for traditional revolving credit.

The product, called EquitySelect, debuted in September as a first-lien HELOC that allows borrowers to set monthly payments as low as 1% of their annualized loan balance and also a cap. Any unpaid interest is added to the loan balance, which is ultimately settled when the home is sold or through a final balloon payment that will not exceed the property’s value.

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