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
  • Interest on loans may be tax deductible*

Home Equity Line of Credit

For customers who want flexibility and convenience in a revolving line of credit product with tax advantages. 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.

  • Maximum Loan to Value: Up to 90%
  • Minimum: $10,000
  • Terms: 10-year draw period followed by a 15-year repayment period
  • Minimum Payment: Interest only during draw period 10 years. Repayment period 20 years with fixed rate.
  • Annual Fee: $50, waived the first year
  • Termination Fee: $500 - for lines closed in the first 3 years
  • Loan Fee: $0 for loans under $100,000 - except appraisal and or escrow fees if needed, Over $100,000 - Title and/or escrow Fee, Credit Report Fee, Recording Fees, Tax Service Fee, Flood Tracking Fee, ect..

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.