A Home Equity Line of Credit (HELOC) allows a homeowner to borrow against the equity in their home. A HELOC is a flexible line of credit where the homeowner can draw funds as needed from the lender for a variety of reasons, similar to a credit card, but the funds are secured by a mortgage on their home. 

Discussing the terms of a HELOC with a consumer may be considered brokering a mortgage and may require a mortgage broker or other state license. Licensing requirements for mortgage brokering can vary significantly by state. Sales representatives who are not licensed mortgage brokers must avoid discussing specific HELOC terms or making comparisons with other loan products, as doing so without the proper licensing may violate state-specific laws and could result in fines or other penalties for the sales representative and the solar installation partner. 

Yes, you can discuss the general benefits of a HELOC. You can explain that a HELOC offers financial flexibility by allowing homeowners to access funds up to a certain limit as needed. A HELOC is a convenient option for homeowners engaging in ongoing projects like interior remodels or home electrification. You can also highlight that a HELOC functions similarly to a credit card but is secured by the homeowner's property, i.e. a mortgage will be placed on the home. Focus on helping the customer understand the structure and utility of a HELOC in managing their current and future financial needs. 

However, you cannot discuss specific HELOC terms, such as interest rates, APR, fees or repayment terms and you cannot make direct comparisons with other financing options. Providing product comparisons can be considered brokering and may violate state-specific licensing and regulatory restrictions. 

Inform the homeowner that our partner, Figure, provides specific HELOC terms, including interest rates, if the applicant is approved, and direct them to contact Figure for detailed information. 

Figure customer support can be reached at (888)-819-6388. 

Explain that discussing specific terms of HELOCs requires specialized mortgage licensing and that our partner, Figure, is appropriately licensed to discuss the HELOC terms and applicable conditions directly with the homeowner. 

You can provide general information about how HELOCs and solar loans differ, such as repayment models, use of loan funds, and fund accessibility and flexibility, but you must not suggest one over the other or compare specific product terms. 

You can mention the general eligibility criteria, such as general creditworthiness and home equity availability, which is available on Figure’s website and inform the homeowner that they can get prequalified for a HELOC with Figure through Orange® without impacting their credit score. 

Yes, you can outline the application process steps in general terms, such as getting prequalified with Figure through Orange®, filling out a credit application with Figure, and that the final credit approval  process will be handled by Figure. 

Homeowners interested in financing their solar system with a HELOC can start the process by selecting the “Select HELOC Options” button in Orange®. The homeowner must complete the prequalification application, agree to Figure’s terms and conditions, and submit the form. Prequalification results will be available immediately. 

If the homeowner is prequalified, they should click the “HELOC” button, which will redirect them to Figure’s website. There, they will complete Figure’s detailed HELOC application. 

If the homeowner is not prequalified or approved for a HELOC, they still have access to other financing options through Sunlight. They can apply for a Sunlight solar loan or lease (if available) by clicking the appropriate button in Orange® to fill out the relevant credit application. 

If a homeowner is approved for a HELOC but chooses not to use it, they can still apply for a Sunlight solar loan. To do this, the homeowner can select the Sunlight solar loan option in Orange® and proceed with the loan application process. This flexibility allows homeowners to explore different financing options and choose the one that best fits their needs. 

If homeowners have any questions about HELOC terms or the credit application process, they should contact Figure at (888) 819-6388. Figure will provide all necessary support and information about the HELOC.