When you need to tap into your home equity, both Trovy and Aven offer an innovative solution: a home equity line of credit (HELOC) paired with a credit card for flexible access to your funds. While these two products share some similarities, understanding the differences can help you choose the option that best fits your needs.
The Basics: What They Have in Common
Both Trovy and Aven are online lenders offering a fully digital experience. Both eliminate traditional HELOC setup and maintenance fees, though you’ll still pay government recording fees and charges (as required by law). Both give you convenient ways to access your home equity through a credit card, ACH transfers, and balance transfers from existing loans and credit cards.
Both products also feature variable interest rates with the option to convert draws to a fixed-rate installment loan, giving you flexibility to lock in rates when it makes sense for your financial situation.
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Comparison at a Glance
| Feature | Trovy | Aven |
|---|---|---|
| Draw period | 10-year draw period with option to extend for up to two additional 5-year periods (up to 20 years total) | 1-year draw period; must be renewed annually (subject to Aven’s discretion) |
| Loan term & max balance | 30-year term; max balance $100,000 | May offer higher loan balances in some states |
| Upfront draw required | No upfront draw required | Higher rate if you don’t draw at least 80% of credit limit |
| Draw fees | Capped at 5% over the life of the loan | Cap over life of loan not specified |
| Fixed-rate conversion | Lock in current variable rate at time of conversion (can capture lower rates if they’ve dropped) | Floor at initial rate in some contracts (state-dependent); may not lock in below starting rate |
| Payment allocation | Payments above minimum applied to highest APR balance first | Minimum payments to lower-rate balances first; only payments above minimum go to higher-rate balances first |
| Cashback rewards | 3% on largest spending category; 1.5% on all other purchases | 2% on purchases |
| Fees (shared) | Both: No annual, cancellation, or prepayment fees; no traditional HELOC setup/maintenance fees (government recording fees still apply) | |
Where They Differ: The Details That Matter
Draw Period Flexibility
One of the key differences is how long you can access your funds:
Trovy offers a 10-year draw period with the option to extend for up to two additional 5-year periods, giving you potentially 20 years of flexible access to your line of credit.
Aven provides a 1-year draw period that must be renewed annually. Renewal is subject to Aven’s discretion each year, which means your continued access depends on their annual approval.
Loan Terms and Limits
Trovy provides a 30-year loan term with a maximum loan balance of $100,000—suitable for most homeowners’ needs.
Aven may offer higher loan balances in some states, which could be helpful if you need to borrow more than $100,000.
Draw Requirements and Fees
Trovy doesn’t require you to take an upfront draw, giving you complete control over when and how you access your funds. Draw fees are capped at 5% over the life of the loan, providing cost predictability.
Aven charges a higher interest rate if you don’t draw at least 80% of your credit limit – something to consider if you prefer to borrow only what you need. Aven doesn’t specify whether draw fees are capped over the life of the loan.
Fixed-Rate Conversion Flexibility
Both products allow you to convert variable-rate draws to fixed-rate installment plans, but the terms differ:
Trovy allows you to lock in your current variable rate at the time of conversion—meaning if rates have dropped since you opened your account, you can take advantage of that lower rate when converting to a fixed-rate plan.
Aven sets a floor on fixed-rate conversions at your initial interest rate in some of their contracts, apparently depending on the state where the property is located, unless they offer you a promotional rate. Even if the current variable rate is lower than when you opened your account, you may not be able to lock in a rate below your starting rate.
Payment Allocation
How your payments are applied can significantly impact the total interest you pay over time:
Trovy applies any payments above the minimum to your highest APR balance first, helping you pay down expensive debt faster and save on interest.
Aven applies minimum payments to lower-rate balances first. This means if you’re only making minimum payments, higher-rate balances may linger longer, potentially costing you more in interest over time. Only payments above the minimum are applied to higher-rate balances first.
Rewards
Trovy offers cashback rewards: 3% on your largest spending category and 1.5% on all other purchases.
Aven offers 2% cashback rewards on purchases.
The Bottom Line
Both Trovy and Aven offer the convenience of accessing home equity through a credit card with variable rates and fixed-rate conversion options.
Trovy was designed with maximum flexibility and usability in mind – empowering homeowners to use their home equity as part of their financial toolkit with freedom and confidence. With a longer draw period (and potential extensions), no mandatory upfront draw, capped fees, more flexible fixed-rate conversions, payment allocation that prioritizes high-rate debt, and tiered cashback rewards, Trovy gives you control over your borrowing. And because this is an important financial transaction, Trovy is committed to providing excellent customer support every step of the way.
Aven may offer higher loan limits in some states and provides 2% cashback, but requires annual draw period renewals, has a minimum draw requirement to avoid higher rates, and appears to limit how low your fixed rate can go.
As with any financial decision, carefully review the terms and consider your specific needs before choosing a HELOC product. Think about factors like how long you’ll need access to funds, how much you plan to borrow, and what kind of support you prefer from your lender.