Bethpage Federal Credit Union in New York has passed $1 billion in total balances of home equity lines of credit.
The $6.1 billion-asset credit union did not provide an exact total for its HELOC balances. The credit union said that it's the top HELOC lender on Long Island, with 16% of the market last year and 36% of all lending through the first quarter of 2015.
Bethpage introduce a new HELOC product earlier this year, a loan that carries an annual percentage rate of 1.99% for the first year.
"We're proud of the work our home equity team has done to help members get the money they need for home improvements, debt consolidation and other major expenses," Wayne Grosse, chief executive, said in a Wednesday news release.
