Calumet Bank offers a home equity line of credit (HELOC) up to 90% of the value of your  home.

There is no loan origination fee, and Calumet Bank will pay up to $500 toward any other closing costs. Since your property is being used as collateral, interest paid on the HELOC may be tax deductible. The consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.

Once the line is established, you make monthly, interest only payments for ten years that will adjust based on the outstanding balance on the line. At the end of ten years, the outstanding balance will be amortized for twenty years with principal and interest payments due monthly. The benefit of the equity line is that you can use and reuse the money over the first ten years; so once you pay it down, you have available credit to use again.