National mortgage lender HighTechLending has launched a second-lien version of a home equity product designed to function more like a credit card, the company announced Tuesday.

The product, called EquitySelect, debuted in September as a first-lien home equity loan that allows borrowers to set monthly payments as low as 1% of their annualized loan balance, subject to a cap.

Any unpaid interest is added to the loan balance and ultimately repaid when the home is sold or through a final balloon payment that will not exceed the property’s value.

The newly launched second-lien version allows homeowners to tap details ⇒

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