SECU HELOC Review 2026: A Niche Option With Major Drawbacks

State Employees Credit Union (SECU) of North Carolina offers a single home equity product—a HELOC—for eligible members. Borrowers can access their home equity across primary, secondary, and rental properties, but only if the property is located in NC, SC, VA, or GA.

Membership is required and limited to certain North Carolina–based groups and their families, which significantly narrows who can apply.

How SECU HELOCs work

SECU’s HELOC functions as a revolving line of credit, allowing you to borrow up to 90% of your home’s value minus any existing liens. You can draw funds as needed during a draw period of up to 15 years, making required payments along the way.

After the draw period ends, the line closes, and you’ll repay the remaining balance based on the loan terms. SECU does not offer fixed-rate home equity loans, so this is your only option if you’re considering borrowing from the credit union.

While the structure is fairly standard, SECU’s limited transparency around rates, fees, and repayment details means you may need to contact the lender directly to fully understand the terms.

NC SECU HELOC rates and terms

Feature	Details
Maximum CLTV	Up to 90%
Draw period	Up to 15 years
Repayment period	Varies based on remaining balance
Interest rate type	Variable (subject to change)
Property types	Primary, secondary, and rental properties
Geographic availability	NC, SC, VA, and GA
Loan type	HELOC only (no home equity loans)

SECU doesn’t publish full rate details online, so you’ll likely need to apply or speak with a representative to get a personalized quote.

Do I qualify for an SECU HELOC?

To be eligible for an SECU HELOC, you’ll first need to become an SECU member. Eligibility is limited to certain North Carolina–based groups, but family members may also qualify.

Eligible members	Details
State employees	Current or retired employees of North Carolina
Federal employees	Those working for NC state agencies
Military	North Carolina National Guard members
Education staff	NC Board of Education employees
Family members	Household members and spouses of eligible members

Once you’re a member, you may qualify for a home equity line of credit. Here are those requirements:

Requirement	Details
Property location	NC, SC, VA, or GA
Property types	Primary, secondary, or rental (no mobile/manufactured homes)
Minimum equity	At least 10% remaining after existing liens
Max DTI	Typically 43% (exceptions may apply)

How much can I borrow with a HELOC from SECU?

SECU does not publish a maximum HELOC limit. The amount you can borrow is determined by how much your home is worth according to current market values.

You can borrow as much as 90% of your primary home’s value, minus other liens on the property, such as a mortgage loan balance. This percentage is known as the combined loan-to-value ratio (CLTV).

So if your property’s current value is $400,000, and you don’t have a mortgage or other lien on the property, you could take out an SECU HELOC of up to $360,000 based on the following calculation:

$400,000 value x 90% CLTV = Maximum $360,000 HELOC

A balance on a mortgage loan would reduce your HELOC limit. Using the same example above, let’s say your remaining mortgage balance was $100,000. Your maximum line of credit would be $260,000:

$360,000 maximum HELOC – $100,000 outstanding mortgage = $260,000 available

SECU also caps its CLTV limit at 90% for second homes. If you have a rental or investment property, you may be eligible for a HELOC with a CLTV of as much as 65%. This is unique; few lenders allow HELOCs on nonprimary residences.

These are the top-end limits, so you might qualify for a lower HELOC limit depending on factors such as income, debt-to-income ratio, and credit score. SECU publishes most borrowers’ DTI should be no higher than 43%, but it doesn’t list a minimum credit score for eligibility. 

What does the appraisal process look like?

Equity is the amount of your home’s value you own. To calculate equity, subtract any remaining mortgage loans or liens against a property from its current market value.

You’ll often need an appraisal to evaluate your home and determine how much equity is available for an SECU HELOC. SECU will order the appraisal, and an unbiased third-party appraiser will conduct it. 

This professional will determine its current value by looking at factors such as your home’s:

• Location
• Age
• Size
• Features
• Condition

They will also look at “comps,” or recently sold nearby comparable homes. Comps can help an appraiser determine what buyers are willing to pay for a similar home in the current market.

SECU reserves the right to charge borrowers for the appraisal. The cost can vary depending on where your home is located, its square footage, and other factors. Once the appraisal is complete, you’ll receive a copy of the report, even if you don’t proceed with an SECU HELOC.

Does SECU charge any fees?

The HELOC fees SECU charges can vary based on where your home is and the line of credit you’re requesting. The credit union may waive certain fees.

Fee	Amount
Application	None
Origination	None
Appraisal	Yes; cost not disclosed
Closing costs	Average between $0 and $1,850

Pros and cons of an NC SECU HELOC

Here are the benefits and drawbacks of SECU’s line of credit:

Pros

• Borrow up to 90% of your home’s value, minus open liens

  This higher-than-average CLTV allows you to access more of your available home equity.

• Available on primary, secondary, and even rental homes

  This gives borrowers more flexibility compared to lenders that limit HELOCs to primary residences.

• The draw period lasts as long as 15 years

  This extended draw period gives you more time to access funds as needed.

• No set repayment period; this term varies depending on the remaining balance due

  Your repayment terms will depend on the remaining balance after the draw period ends.

Cons

• Only available in 4 states (NC, SC, VA, GA)

  This limited geographic availability makes it inaccessible for many borrowers.

• Closing costs and fees are not waived

  You may need to pay more upfront compared to lenders that offer no-closing-cost HELOCs.

• Limited information online

  SECU does not provide full transparency on rates and terms without contacting the lender directly.

• Must be a credit union member to qualify

  Eligibility is restricted to certain North Carolina state employees and their families.

Alternatives to SECU

If SECU’s limited availability or lack of transparency makes it a less-than-ideal choice for your HELOC, consider these top-rated alternatives that offer better accessibility, clearer terms, and stronger customer satisfaction.

What do SECU’s customers say?

Source	Rating	Number of reviews
Better Business Bureau	1 .46/5	24
Trustpilot	2.2/5	27

A thorough online search is essential when evaluating a lender’s products, services, fees, and availability, but you can also learn from its past and current customers. This can give you a better idea of how the lender operates and treats its customers, and you’ll know what to expect if you move forward with borrowing.

The Better Business Bureau (BBB) is a trusted consumer resource agency, allowing for the accreditation of companies as well as providing a platform for consumer reviews and complaints. As of April 2026, SECU is not BBB-accredited and has a C– rating. 

It earns overall negative reviews on BBB and Trustpilot, but these aren’t specific to its HELOC. Many comments center around issues contacting customer service. Others involve erroneous credit reporting and account management.

How do I apply with SECU?

Applying for a SECU HELOC is straightforward, but you’ll need to become a member first. Once you’re eligible, you can move through the process in a few simple steps.

Does SECU have a customer service team?

If you need to speak with an SECU customer service representative about a new or current HELOC, your options include:

• Visit a local branch. As of January 2025, SECU has 275 branches across North Carolina. If you’re interested in applying for a new HELOC, need help with an application in process, or want answers about a current line of credit, you can visit during regular business hours.
• Reach out by phone. Lending representatives are available Monday through Friday from 8 a.m. to 9 p.m. Eastern time at 888-732-8562. (The member services department is available 24/7 at this number, but if your question relates to lending, you’ll need to call between the hours shown here.)
• Send a secure message online. If you’re a member, you can log in to your Member Access account portal and send SECU a secure message with your questions or concerns. A representative will get back to you during regular operating hours.

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