loanDepot added a first-lien home equity line of credit (HELOC) to its product suite that will enable homeowners without a mortgage to borrow from their home equity.

The first-lien HELOC program will allow borrowers to access the equity in their homes with flexible terms that include a three-year draw period, an interest-only payment period of 10 years and a 20-year amortizing repayment term in most states, the company said in a statement on Wednesday.

While many HELOCs are second-lien loans that require homeowners to have an existing mortgage on their property, a first-lien details ⇒

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