Mortgage Home Equity

Bank of America Home Loans uses our status as the nation's largest mortgage lender, and the world's most trusted lender, to help millions of people realize and maintain the dream of home ownership.

Our Home Equity group is focused on helping our customers leverage the financial resources available to them — in the form of the equity they've built in their homes — to achieve their financial goals, such as major home repairs, medical or other bills, and college tuition. Examples of some of the strategies we facilitate for our mortgage customers include:

Home Equity Loans

 — A loan in which the borrower uses the equity in their home as collateral. Often referred to as second mortgages, these loans are secured against the value of the property, and create a lien against the borrower's house, reducing the actual total home equity.

Home Equity Lines of Credit

 (HELOC) — The specific difference between a home equity loan and a HELOC is that HELOCs are lines of revolving credit with an adjustable interest rate, whereas a home equity loan is a one-time lump-sum loan, often with a fixed interest rate.

Reverse Mortgages

 — Ideal for customers who meet specific circumstances*, a reverse mortgage loan can be used to liquidate the equity in an owned property, as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (e.g., into aged care).

Join Bank of America Home Loans today, and use your skills and knowledge to start Bringing Opportunity Home — for customers, and for yourself.

*To qualify for a reverse mortgage in the United States, the borrower must be at least 62 years of age. There are no minimum income or credit requirements, but there are other requirements, and homeowners should make sure that they qualify for the loan before they invest significant time or money into the process.

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