You may be familiar with a home equity loan. It’s a closed-end term loan that uses your home to secure the value, hence the name. These loans are sometimes referred to as second mortgages and usually have a 5-7 year life with one lump sum being borrowed at initiation of the loan.
MICHIGAN CITY — After 55 years, Members Advantage Credit Union still stays true to its name.
“We always try to put ourselves in our members’ shoes and consider how we would like to be treated,” President Frank Beachnau said.