Keep your low first-mortgage rate and still get the cash you need. A Revolution HELOC gives you a flexible line of credit for home improvements or debt consolidation.
Revolutionary Benefit: Pay interest only on what you actually use, not the full amount of the line.
Step 1: Property Details
"A HELOC will replace my current low-rate 30-year mortgage."
A HELOC is a second mortgage. You keep your existing low-rate primary loan untouched and only borrow the additional cash you need.
"I have to pay interest on the full credit line amount immediately."
A HELOC works like a credit card. If you have a $50k line but only spend $10k, you only pay interest on the $10k you actually use.