A home equity line of credit (HELOC) is now available in California through Kin Financing, LLC affiliate, the direct to consumer insurer announced.

Promising application to funding within five days allows California homeowners to use the funds to pay down higher-interest credit card debt, complete a renovation or repair, or invest in home-hardening projects such as defensible-space clearance and other wildfire mitigation upgrades, the insurer said.

Already operational in Florida, Kin is also pursuing lending licenses in additional states, following the same state-by-state approach it has used to expand its home insurance business.

Kin’s California HELOC includes:

• A fully online application that allows homeowners to link their bank accounts while Kin’s automated underwriting handles the rest.
• Funding of up to $750,000, with the ability to redraw up to 100% of the line as it is repaid.
• Approval in as few as five minutes and funding in as few as five days.
• Remote online notarization in counties that allow e-signatures to be recorded.
• A direct debt payoff feature that allows borrowers to pay off credit card debt as part of the loan process.

“With mortgage rates higher than they’ve been in years, many homeowners don’t want to sell and give up the low rate they locked in. A HELOC lets them use the equity they’ve already built for a renovation, repair, tuition, or even pay down higher-interest debt, without touching their original mortgage,” said President of Kin Financing Sachin Adarkar. “Bringing our HELOC to California is a natural next step in what we’re building here. We started with home insurance, added condo and flood coverage this summer, and now we’re expanding into home financing.”

California homeowners can check their rate or learn more about Kin’s HELOC at kin.com/heloc.