Aven: 2023 Home Equity Review
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Up to $250,000 (up to $100,000 in some states)
Min. credit score required
Standard credit card repayment; 5-10 year repayment term if cashing out
Funds available in
$10,000 available immediately; full line within 10 business days
Here's a breakdown of some of the benefits and drawbacks of Aven home equity loans.
Home equity loan products offered
Aven isn’t a typical home equity line of credit (HELOC) or loan; it’s a credit card that leverages your home’s equity while rewarding you with cash back on spending. You’ll get a line of credit based on your tappable equity, like a HELOC, and receive unlimited 2 percent cash back on purchases, like a cash back credit card.
Note: Although Aven’s offering functions like a credit card, Aven reports its product as a HELOC to the credit bureaus and on your credit report. Similar to a HELOC, you might be able to deduct the interest if you use the funds on home improvements. Consult your tax professional for guidance.
Similar to regular credit cards and HELOCs, the interest rate on the Aven HELOC card is variable, meaning it adjusts as market rates change. If you qualify, you could get a credit line of up to $250,000 (or up to $100,000 if you’re in Alabama, Alaska, Arkansas, Idaho, Iowa, Kansas, Louisiana, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota or Wyoming).
If your line is for more than $100,000, you’ll need to draw at least $50,000 within three months of opening. Otherwise, Aven might lower it. There isn’t a minimum draw requirement for lines under $100,000.
You’ll make payments on the card similar to how you’d make payments on a regular credit card. The minimum monthly payments are calculated as 1 percent of the principal balance plus monthly interest and fees.
You’ll need to enroll in auto-pay to receive cash back rewards. (If you enroll, you’ll also receive a 0.25 rate discount.) However, you can’t put the cash back to your minimum payment; you can only redeem it for an additional statement credit once the minimum payment has been satisfied.
Along with cash back on spending, you can use the Aven HELOC card to cash out your equity. If you do, you have the option to repay the funds in fixed installments over five or 10 years, similar to a home equity loan (“Aven Simple Loan”). This cash out goes directly into your designated bank account.
You can’t use the Aven card to withdraw cash at an ATM or bank, and you won’t get personal checks.
The card is a Visa card and backed by Coastal Community Bank, an FDIC-insured institution.
Types of fees charged
Aside from variable-rate interest, the Aven HELOC card comes with some fees. If you cash out and enroll in the fixed repayment plan, you’ll pay a one-time fee of either 2 percent, 2.5 percent or 4.9 percent, depending on your card agreement. The same fee structure applies to balance transfers.
You’ll also pay $29 for any late payments.
You won’t pay an origination fee, however, nor for an appraisal, annual fees or a prepayment penalty.
How to qualify for a HELOC card with Aven
To be eligible for an Aven HELOC card, you’ll need to have at least 12 percent equity in your home; a FICO credit score of at least 620 and a Vantage credit score of at least 640. You can get the card with equity tied to a primary residence or a second home or investment property, but the property can only have one mortgage attached to it at the time you apply for the card.
If you obtain a credit line higher than $100,000, you’ll also need to add Aven and Coastal Community Bank as beneficiaries on your homeowners insurance policy.
How to apply with Aven
You can apply for an Aven HELOC card on Aven’s website. The application process typically takes just 15 minutes, according to the website.
How Bankrate scored Aven
To determine a home equity lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:
- Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
- Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10%
- Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%
Learn more about our methodology.
Aven customer ratings and reviews
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