Guidance on what happens when a HELOC draw period is ending:
Credit Union of Texas members that often ask our HELOC specialists, “If I get to the end of my draw period, is that it? Am I done? Can I not do anything again?” Most members say their HELOC has been great, they have enjoyed using it & want to continue using it. The great news is you absolutely can renew that line of credit when it’s term comes to an end & extend the draw period on your HELOC.
One of our members had put his first kid through college with a home equity line of credit. His draw period was ending soon, & his other child was a senior in high school. He wanted to renew his HELOC & use it to pay for his second child to go to college. This member was able to call CUTX, renew the line of credit & use it to put his second child through school with the funding.