Home Equity

Home Equity Loans

Riverview offers Home Equity Lines of Credit and Loans to meet our customers needs.
Benefits:
  • Competitive interest rates
  • Minimum payments accrued interest only
  • Low annual fee
  • Checks for easy access to funds

Home Equity Line of Credit

For customers who want flexibility and convenience in a revolving line of credit. Suggested uses include: autos, recreational vehicles, boats, travel trailers, vacation, wedding, remodel or home improvements, bill consolidation. This can be used on Primary Residence only. Not Intended for business or student loan purpose.

  • Maximum Loan to Value: Up to 80%
  • Minimum: $10,000
  • Terms: 10-year draw period followed by a 20-year amortized repayment period
  • Minimum Payment: Interest only during the 10-year draw period. Minimum monthly payment will be fully amortized during the 20-year repayment period.
  • Annual Fee: $50, waived with automatic monthly payment from any Riverview Account
  • Termination Fee: $400 - for lines closed in the first 3 years
  • Closing Credit: Up to $400 credit towards closing costs

Fixed Rate Home Equity Loan

For customers who want the long-term security of a fixed rate and payments along with the tax advantages of a home equity loan. Suggested uses include: autos, recreational vehicles, boats, travel trailers, vacation, wedding, remodel or home improvements, bill consolidation. This can be use on both Primary Residences or Second homes.

  • Maximum Loan to Value: Up to 80%
  • Minimum: $10,000
  • Terms: Up to 15-years
  • Minimum Payment: Amortized
  • Annual Fee: None
  • Origination Fee: $500
  • Fees: Typical closing fees
Please include the following items when submitting your completed application: verification of your earnings, current tax assessment, evidence of your homeowners insurance, and picture identification.


* Please consult your tax advisor regarding the deductibility of interest and charges.

Loan products subject to credit approval. Other terms, conditions, restrictions & fees may apply. Full documentation, title & property insurance required. Flood insurance required if property is located in a Special Flood Hazard Area. HELOC Interest rates are variable and based on the Wall Street Journal Prime Rate (the "Index") plus a margin. The margin is based on the approved loan amount and our evaluation of your credit history. Payment amount will change as rates change.