Home Equity Line of Credit (HELOC)

Equity is a valuable asset that can be used to secure a home equity line of credit (HELOC) in lieu of a traditional term loan. Finance a wide range of ongoing needs with this revolving line of credit from Ocean Communities. 

Once approved, use the funds whenever you need them with no need to reapply, and you only pay interest on what you use. It's like a low-interest credit card that might even be tax deductible.*

Summary
  • Competitive rates for several ongoing or seasonal needs:
    • Medical expenses
    • Major life events
    • Home remodel projects
    • Debt consolidation
    • Vacation
    • And much more!
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • Funds available anytime without reapplying; apply once, then use repeatedly thereafter
  • Revolving credit – as principal is repaid, more becomes available for use
  • Funds easily available via in-person or writing a check, must withdraw no less than $500 at a time
  • The interest paid might be tax deductible*
  • Set up automatic payments to be deducted from your account monthly
  • Local decision-making and processing in Southern Maine
S.A.F.E. Act

Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act)

In order to comply with the National Credit Union Administration's adoption of the S.A.F.E. Act, Ocean Communities Federal Credit Union presents the following mortgage loan originator information for CU staff who are registered with the National Mortgage Licensing System (NMLS):

NMLS ID # / LAST NAME / FIRST NAME / MIDDLE NAME 

518293 HAHN, BETH A

1036931 KELLY, KAREN A

518282 KNOX, DENIS

518283 PICARD, JOCELYN L

884147 RIBECCA, DIANNE MARY

518295 RUMO, MICHAEL J

696530 SAUCIER, CHRISTOPHER M

531679 SICO, RUTH E

In order to provide home buyers and the general public with greater information concerning the companies and professionals in the mortgage industry and in fulfillment of the federal S.A.F.E. Mortgage Licensing Act, the Nationwide Mortgage Licensing System and Registry (NMLS) has launched a website called NMLS Consumer Access. NMLS Consumer Access is a fully searchable website that allows the public to view information concerning Ocean Communities Federal Credit Union's Mortgage Loan Originators registered through NMLS. To visit the Consumer Site, please go to http://www.nmlsconsumeraccess.org/.

Home Equity Line of Credit (HELOC)

Interested? Reach out to us to learn more.

*Consult a tax advisor.