First Federal’s HELOC is for owner occupied 1-4 family residences including, multi-wide manufactured homes, condominiums and townhouses. First Federal’s HELOCs offer loan terms of 20 years with the flexibility to use your funds anytime during the first 5 years called the Draw Period. After the Draw Period ends, the credit line is frozen and the 15 year Repayment Period begins. During the Draw Period, the interest rate is a variable adjustable rate subject to monthly rate changes, and during the Repayment Period, the interest rate is a fixed rate. Borrowers can access their funds during the Draw Period by debit card, checks, online or in person. An annual fee may apply.