HighTechLending expands EquitySelect eligibility and LTVs

National mortgage lender HighTechLending has rolled out major enhancements to its EquitySelect product line, expanding borrower eligibility, raising maximum loan-to-value ratios and widening access to low-payment qualification options for home equity loans. The changes, announced Wednesday, are effective immediately through HighTechLending’s wholesale channel. The move comes as homeowners hold near-record levels of tappable home equity but face tighter credit conditions and higher rates that restrict access to standard home equity products. “By expanding eligibility and increasing borrowing capacity, we’re enabling our partners to help more borrowers access the equity they’ve built while overcoming many of the qualification challenges associated with traditional home equity products,” David Peskin, CEO at HighTechLending, said in a statement. The 1% qualifying payment plan is now available to homeowners ages 55 and older, while homeowners between 50 and 54 can now qualify using payment plans as low as 3%. At the same time, maximum LTVs have been increased across all five payment plan options — 1%, 2%, 3%, 4% and 5% of the current annual balance — allowing qualified borrowers to acc...