Suffolk County Credit Union (NY) will soon offer residents a new type of HELOC, available for the purpose of making home improvements following universal design guidelines. These lines are intended to make homes a safer place for current and future residents, and include allowance for improvements such as installing safety valves to keep burning-hot water from coming out of a faucet.

NewsDay does a good job of explaining just what these design standards entail:

“Universal design is a concept that promotes accessibility, safety and ease of use, especially for older or disabled residents. Features range from nonslip flooring to rollout drawers and step-free entrances.

“There’s an increasing aging population of baby boomers and an aging population in general,” said Judy Pannullo, executive director for the Suffolk Community Council, a Hauppauge-based nonprofit. “That tells us there’s a need for universal design.”

Most home equity lines of credit can be used any way the borrower desires. But, some lenders feel that specified-use HELOCs are a smart way to promote a cause and help homeowners be more responsible with the money they borrow. (Sorry, there’s no using this line for a down payment on a sports car…)

photo credit: John Flinchbaugh

See Also:

5 Financially Sound Ways to Use a HELOC

How a HELOC Works

Tags | Heloc, HELOC Lenders, home equity line of credit, home improvement loan, lenders