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Chase HELOC: Status as of 2026
JPMorgan Chase paused new HELOC originations in April 2020 and has not resumed as of May 2026. Existing Chase HELOC customers retain their lines. New customers seeking equity access through Chase are routed to the cash-out refinance product or to other lenders in the market.
Quick status
New HELOC applications: Not accepted as of May 2026
Existing Chase HELOCs: Continue under original terms
Alternative Chase product: Cash-out refinance available
What happened in 2020
JPMorgan Chase announced in April 2020 that it would pause new HELOC originations effective immediately, citing the operational impact of COVID-era credit-tightening and the bank's capital-allocation priorities. The pause was part of a broader retreat by several large banks from consumer home equity products, including Wells Fargo (which paused HELOCs in the same window and has similarly not resumed) and a temporary tightening by US Bank that has since been reversed. The cited reasons across the industry combined COVID-era loss-modeling uncertainty, operational complexity of in-branch HELOC applications during pandemic restrictions, and a strategic re-evaluation of the home-equity product line economics relative to first-mortgage originations.
In the years since, Chase has not publicly announced a resumption timeline. The bank's 2024 and 2025 earnings calls included occasional analyst questions about HELOC resumption, with leadership consistently describing the pause as an ongoing strategic choice rather than a temporary tactical measure. The bank continues to invest in cash-out refinance and other home-secured products, which suggests the pause reflects product-mix priorities rather than a broader retreat from home-secured consumer lending.
For Chase customers, the practical effect is straightforward: if you want a new HELOC, you cannot get one from Chase. You can either take a cash-out refinance from Chase (which has different mechanics and economics than a HELOC) or take a HELOC from a different lender. The Chase relationship itself does not provide any HELOC underwriting advantage at other banks; the application process at Bank of America, US Bank, or any credit union proceeds as a normal third-party application regardless of your existing Chase deposit relationship.
Cash-out refinance from Chase: how it compares
Chase actively offers cash-out refinances on conventional, FHA, and VA first mortgages. The mechanics differ from a HELOC in several important ways. First, the cash-out refinance replaces your existing first mortgage entirely with a new, larger first mortgage. You receive the difference in cash at closing, less origination costs and the amount needed to pay off the existing first. Second, the rate is typically fixed for 15 or 30 years at first-mortgage market rates (typically 50 to 100 basis points below HELOC rates as of May 2026), giving you payment certainty for the loan life. Third, the amortization clock resets to a new 15 or 30 year term, which lowers the monthly payment but extends total interest cost.
The closing costs on a cash-out refinance are higher than on a HELOC: typically 2% to 4% of the new loan amount (versus 0% to 2% on a HELOC), reflecting full-mortgage origination costs. Title insurance is recalculated against the new loan amount and is typically borrower-paid. The math works in favour of the cash-out refinance when: (1) current first-mortgage rates are at or below the rate on your existing first mortgage, (2) you want long-term payment certainty rather than variable-rate HELOC exposure, and (3) the cash needed is large enough that HELOC closing-cost savings do not offset the cash-out refi's lower rate advantage. The math favours a HELOC when current first-mortgage rates are well above your existing rate (which would mean refinancing the existing balance into a worse rate just to access equity).
For a Chase customer with an existing low-rate first mortgage (originated 2020 to 2022 at rates of 2.75% to 4.00%), the cash-out refinance is usually a poor choice because it would refinance the existing low-rate balance into a 6.5% to 7.0% current first-mortgage rate. The interest-rate cost of doing that on a $400,000 first mortgage is roughly $14,000 per year more than holding the existing mortgage and adding a HELOC at 7.02% for the cash needed. Customers in this profile should take a HELOC from a different lender rather than refinancing the existing low-rate mortgage with Chase.
Closest equivalent products at other lenders
For a Chase customer who specifically wants a 10/20 HELOC product with the Chase-equivalent relationship-banking discounts and low-fee structure, the closest equivalent is Bank of America. BoA offers a similar 10/20 product, with low or zero closing costs in most cases, autopay rate discount of 0.25%, and Preferred Rewards tier discounts of 0.125% to 0.625% based on combined account balances. A Chase customer moving deposit relationships to Bank of America to qualify for higher Preferred Rewards tiers can achieve a HELOC pricing structure substantively similar to what Chase historically offered.
For customers who prefer to keep their primary deposit relationship at Chase, the options are: US Bank (10/20 HELOC, comparable pricing, comparable underwriting), Citizens (10/20 HELOC with up to 85% CLTV), PNC Choice HELOC (10/20 with convert-to-fixed feature), and Truist (10/20 HELOC, regional bank pricing). Credit unions are often cheaper than any of these if the borrower is eligible: Navy Federal for military/select federal employees, PenFed via charity-donation membership, Alliant via open eligibility, plus the borrower's local community credit unions.
For customers who prioritize speed and digital-first experience over rate, Figure and Aven offer faster funding (7 to 21 days) but at higher rates (typically 100 to 250 basis points above the large bank tier). Figure's product is technically a fixed-rate single-advance loan with a HELOC label, which removes the revolving feature but locks the rate. Aven's product is accessed via a Visa card, making draws frictionless but introducing impulse-borrowing risk. Neither is a clean substitute for a Chase-style 10/20 variable HELOC, but both fill use cases that the traditional bank product does not address as well.
Frequently asked questions
Can I get a HELOC from Chase in 2026?
No, not directly. JPMorgan Chase paused new HELOC originations in 2020 during the COVID-era credit-tightening cycle. As of May 2026 the pause remains in effect for new HELOC applications. Chase continues to service existing HELOCs originated before the pause. Customers seeking new home equity credit from Chase will be directed to the cash-out refinance product instead.
Why did Chase stop offering HELOCs?
Chase cited operational complexity and capital-allocation priorities. The pause was part of a broader tightening across consumer credit products that several large banks executed in 2020. Chase has publicly stated they continually evaluate the product and may resume new originations if conditions warrant, but no timeline has been announced as of May 2026.
What happens to my existing Chase HELOC?
Existing Chase HELOCs continue to function under their original terms. Draws are still permitted during the draw period (subject to the standard line-freeze provisions under Reg Z 1026.40(f) if home values drop materially), and the transition to repayment period happens on schedule. Existing borrowers can pay off the balance, draw against the line, and close the line normally.
Can I use Chase for a cash-out refinance instead?
Yes. Chase actively offers cash-out refinances on conventional, FHA, and VA loans. The cash-out refinance replaces your existing first mortgage with a new larger first mortgage, with the difference paid to you in cash at closing. The mechanics, costs, and tax treatment differ from a HELOC: cash-out refis carry first-mortgage rates (typically 50 to 100 bps below HELOC rates as of May 2026) but reset the amortization clock and carry higher closing costs.
Which lenders offer the closest equivalent to a Chase HELOC?
Bank of America's HELOC product is the closest large-bank equivalent in structure: 10/20 standard, low closing costs, autopay and relationship discounts available. US Bank, Citizens, PNC, and Truist all offer similar products. For digital alternatives, Figure and Aven cover different parts of the market. Credit unions (Navy Federal, PenFed, Alliant) often offer better rates if you are eligible for membership.
Will Chase resume HELOC originations?
Possibly. Wells Fargo also paused HELOCs in 2020 and has similarly not resumed. Both banks have publicly indicated the pause is not permanent. Industry observers expect at least one of them to resume during a period of stable housing-market conditions and clear regulatory guidance. As of May 2026, no announcement has been made by Chase regarding resumption timing.