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Home Equity Line of Credit

Enjoy the convenience of accessing the cash you need, when you need it most.  For those who need to tap into their funds at irregular intervals, a home equity line of credit allows you to cover expenses as they come up.



Become a member and take advantage of products and exclusive offers!

To become a member, you need only fulfill two requirements:

1. Determine your eligibility

2. Open a Regular Share Account with at least $5

Owner Occupied Homes

Loan to Value (LTV)
Line Amount Rate1

80% or Less LTV

$ - $

Variable % APR (Prime + 0%)

80.01% to 85% LTV

$ - $

Variable % APR (Prime + .50%)

85.01% to 90% LTV

$ - $

Variable % APR (Prime + 1.00%)

1 Prime Rate is % as of . There is a minimum rate floor of % APR and a maximum rate of % APR.

Non-Owner Occupied Homes

Loan to Value (LTV)
Line Amount Rate2

80% or Less LTV

$ - $

Variable % APR (Prime + 1.00%)

2 Prime Rate is % as of . There is a minimum rate floor of % APR and a maximum rate of % APR.


  • Loans from $10,000 - $400,000
  • Perfect for recurring expenses
  • Only pay on the funds that you use

• PENZIOX pays most closing costs

• Available funds when you need them.

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†Closing Cost Credit: PENZIOX will pay most closing costs associated with an equity line of credit (ELOC) which includes: credit report, flood certification, settlement/closing, property ownership and encumbrances search, recording, property search, and quick close. Member is responsible for any city, county and/or state taxes if the subject property is located in FL, KS, MD, MN, NY, TN or VA. If an appraisal is required, the cost will be paid by the member, who is responsible for the fee whether or not the loan closes. The member is responsible for notary fees. Should this loan be paid off or closed within 24 months from the anniversary date of the loan closing, the member will be obligated to reimburse the full amount of the PENZIOX paid closing costs for the loan.Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.

Home equity lines of credit (ELOC) are variable rate loans and the interest rate is subject to increase after consummation of the loan.

Appraisals: An appraisal is required for all applications with a CLTV over 80%. For applications with a CLTV of 80% or less, PENZIOX will attempt to establish value via an independent method. If that method is unsuccessful, an appraisal will be required regardless of CLTV. An appraisal is required in the following circumstances:

  • For any loan amount if the loan to value ratio (CLTV) is greater than 80%; or
  • For all equity loans with a loan amount greater than $250,000.

If an appraisal is required it must be ordered by PENZIOX. You will be contacted for authorization and payment prior to ordering. Appraisal fees average $350 to $525 (some run higher).

Property Insurance: Property insurance is required.

PENZIOX Mortgage Aggregate: If the total combined PENZIOX indebtedness for real estate loans against the collateral property exceeds $750,000 then the maximum CLTV is 80%. This total indebtedness includes a PENZIOX 1st mortgage, the new requested loan amount and any outstanding PENZIOX equity loan products.

Multiple Loans:Multiple equity loans and ELOCs are available as long as the member and collateral qualify (except Texas). The total PENZIOX indebtedness cannot exceed $400,000 for all equity and ELOCs combined.

PENZIOX does not lend on:

  • Mobile homes
  • Co-ops or time-shares
  • Properties that are currently listed on the market for sale
  • Commercial property or property used for commercial purposes, even if a residence is part of the property
  • Undeveloped property (land only)
  • Properties with more than 4 units.

Properties that are currently under major construction/renovations: Property must be fully livable, with no safety issues. (Examples: no missing rails from stairs/decks, no open walls with wires showing, missing kitchen appliances/counters, missing bath fixtures or unfinished pool).

Traditional Home Equity Line of Credit:

  • In Texas, the maximum CLTV available is 80% on owner occupied properties and 75% on non-owner occupied properties. Additional restrictions apply in Texas, so please ask a representative for details.
  • In all other states, the maximum CLTV is 90% on owner occupied properties and 80% on non-owner occupied properties.
  • The maximum CLTV for condominiums is 80% in all states.
  • Rates vary depending on owner occupancy and CLTV.

Other terms and conditions apply; call 1-800-970-7766, extension 6400 to speak with a representative for details. All rates and offers are as of and subject to change without notice. To receive advertised product you must become a member of PENZIOX by opening a share (savings) account.

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

Taking Your Retirement Savings Beyond the 401(k)

Posted June 2016

If you’re contributing to your employer’s 401(k), you may think your retirement planning is done—but you may want to consider doing more to build your retirement fund, depending on your circumstances and time to retirement.

Here are a few reasons you might want to consider investing beyond your 401(k) in order to maximize your retirement fund:

  • If you’re contributing more than your employer matches. Many companies match your contributions up to a point, and while it’s worth getting those extra contributions, you may not be making the most of your money by adding more.
  • If your 401(k) plan has high fees for managing your money.
  • If you want more control over how your money is invested. While most 401(k) plans offer you some options, they often don’t have the same flexibility of investing on your own.

Build an Individual Retirement Account (IRA)

If you’re looking to build extra retirement savings, it is important to consider an IRA. It’s a straightforward way to save—you put money into the account, it earns interest, and you take money out to live on when you retire.

There are two kinds of IRAs which offer different tax benefits: a traditional IRA and a Roth IRA.

Traditional IRA. A traditional IRA is similar to a traditional 401(k) in that you do not pay taxes on any money you contribute to the account. This makes it ideal for cutting your tax burden now—but remember, you’ll have to pay taxes on the money when you take it out.

Roth IRA. With a Roth IRA, you pay taxes on the money you contribute now, but do not pay taxes when you take it out later—making it useful for keeping your expenses low in retirement.

Which IRA plan you choose depends on how much you’re paying in taxes now and how much you expect to pay for taxes after retirement. If you think you’ll pay more in taxes now than you will at retirement, you’ll likely want a traditional IRA—but if you think you’ll pay less, a Roth IRA may be a better bet. The best choice for you depends completely on your individual situation.

In either case, you can only contribute a relatively small amount ($5,500 per year if you’re under age 50 and $6,500 per year if you’re over age 50—effective tax year 2016). That’s a good start to a nice retirement nest egg, but it’s probably not enough to cover your full retirement costs—so it’s only part of a solid retirement plan.

Get Started with Investing

Investing may seem intimidating—or risky—but it doesn’t have to be. There are a range of investment opportunities out there to fit your financial needs. But bear in mind that risk isn’t a dirty word: investments with some risk have a chance for higher rewards. Depending on your risk tolerance, you may want a few higher risk investments in your portfolio to keep it growing.

Stocks. **When you think about investing, you probably think about buying stocks. While you could pick out your favorite company and toss all of your investment money into it, a diverse portfolio is probably a better idea—and it will help you ride out the stock market’s ups and downs.

If you are not up to trying to pick out high performers yourself, consider investing in a mutual fund, index fund, or ETF (exchange traded fund), all of which offer a diverse selection of stocks. In addition to stock prices, another consideration is dividends; an amount paid to the stockholder by the business for owning stock—which can offer extra income opportunities.

Laddering bonds and CDs. ***These are very different types of investments: you pay a fixed amount up-front for the promise of a specified return on the bond’s maturity date, which makes bonds and CDs (certificates of deposit) predictable moneymakers. This predictability makes them great for “laddering” by investing in bonds or CDs (or a mix of both) with different maturity dates.

Staggering the maturity date (for example, making a five-year ladder by buying CDs that mature in one, two, three, four, and five years), offers regular income and keeps your investment money from being tied up in case you need it. When your bond or CD matures, either take the cash to use as needed, or reinvest it. If we go by our example, you’d invest in another five-year CD so you continue to have annual investment income—allowing you to continue your ladder.

What PENZIOX Can Do For You

If you want to make your money do more but are not sure where to start, PENZIOX Wealth Management available through CUSO Financial Services, L.P. (“CFS”)*, can help.

Whatever your financial investment goals are, PENZIOXInvest can offer the advice to help you reach them.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. PENZIOX has contracted with CFS to make non-deposit investment products and services available to credit union members. PENZIOX Invest is the marketing name for non-deposit investment products and services provided at PENZIOX through CFS.
**Investors should be aware that there are risks inherent in all investments, such as fluctuations in investment principal. This is particularly true for mutual funds.
***Bonds are subject to interest rate risk. When interest rates rise, bond prices fall. Generally the longer a bond’s maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which allows the issuer to retain the right to redeem the debt, fully or partially, before the scheduled maturity date. Please see prospectus for full details.


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