PASADENA, Calif.–Noting that homes in California cost nearly twice as much as the typical U.S. home, Wescom Financial has introduced a “HELOC Flex” it said is aimed at helping Californians leverage the equity in their current primary home for their next residential purchase.
“Our new HELOC Flex offering is a direct result of listening to our members and seeing the need for more financial flexibility in this economy,” VP-Consumer Lending Jeff Smrcka said in a statement. “The HELOC Flex enables them to take advantage of the equity in their current home without having to wait for their home to be sold before they can buy another one. We are addressing the growing competitive landscape around homebuying through this solution.”
‘Key Advantages’
According to Wescom, the new HELOC Flex offers three “key advantages” for members looking to leverage the equity in their current primary residence, including:
- Flexibility in Timing: “Members do not need to wait for their current primary home to sell before buying their new primary property, meaning they can act quickly in a competitive market, to ensure they do not miss out on their dream home.”
- Access to Funds: “Members can access the funds they need for a down payment or outright purchase of a new primary home almost immediately,” the credit union said. “This immediate liquidity allows them to secure the financing needed while managing the sale of their current primary home at their desired pace.”
- Competitive Rates: “Wescom’s competitive pricing ensures it is an attractive option in the current landscape.”
Volume to Date
To date in 2025, Wescom said it has financed over 1,200 HELOCs for more than $350 million and said it anticipates a record-setting year as production continues to grow
