What is a Stated-Income HELOC?

A stated-income HELOC is a loan product that will allow you to tap into the equity in your home. Here are the basics of the stated-income HELOC and how it can help you as a homeowner.

Stated-Income HELOC

With any HELOC or home-equity line of credit, you will be able to gain access to your home-equity whenever you need it. You will be able to access it with a checkbook or a debit card as needs present themselves. With a typical home-equity line of credit, you will have to be able to verify that you make a certain amount of money in order to qualify. With a stated-income HELOC, this is not the case. You will simply tell the lender how much money you make and they will take you at your word without any income verification processes.

Benefits

This type of loan has several benefits for homeowners. You will be able to access your home-equity for a number of different projects. For example, you could use this to consolidate debt, add onto your home, or use it for an investment. In addition to this, the interest that you pay can be deducted from your taxable income at the end of the year.

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