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Home Equity Line of Credit (HELOC)

Do you need access to cash to help cover large expenses?

A Home Equity Line of Credit (HELOC) from Bank of America can help you meet your personal financing needs. A HELOC generally has lower interest rates than credit cards or personal loans because it’s secured by your home.


How to use a HELOC

With a home equity line of credit, you’ll know the money is there for you to pay for expenses like:


  • Home improvements

  • Debt consolidation1

  • Unexpected expenses

  • Education costs

How HELOCs work

  • With a HELOC, you can borrow as much or as little as you need during the draw period, up to your credit limit.
  • Funds can be conveniently accessed through Bank of America online banking, by phone, by check or at a Bank of America financial center.
  • You may also be able to convert an outstanding variable-rate balance to a fixed rate2 with a fixed, predictable payment.


Your financial advisor can help you so you can decide what type works best for your situation.



Contact your Merrill financial advisor about whether a HELOC might be appropriate for you.


Things to consider

  • What are your current cash flow needs, and do you have enough to cover an upcoming large expense?
  • Do you own and have equity in a home?
  • How would your investment approach be affected by a major expense?

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You are invited to apply. Your receipt of this material does not mean you have been prequalified or pre-approved for any product or service we offer. This is not a commitment to lend; you must submit additional information for review and approval.


Merrill Lynch, Pierce, Fenner & Smith Inc., does not make commitments for or fund loans. Bank of America, N.A., (the “Bank”) does not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking or custody services or referrals to other affiliates of the Bank.


1 The relative benefits of a loan for debt consolidation depend on your individual circumstances. For example, you may realize interest payment savings by making monthly payments toward the new, lower interest rate loan in an amount equal to or greater than what was previously paid toward the higher rate debt(s) being consolidated.


2 Fixed-Rate Loan Option at account opening: You may convert a withdrawal from your home equity line of credit (HELOC) account into a Fixed-Rate Loan Option, resulting in fixed monthly payments at a fixed interest rate. The minimum HELOC amount that can be converted at account opening into a Fixed-Rate Loan Option is $5,000 and the maximum amount that can be converted is limited to 90% of the maximum line amount. The minimum loan term is 1 year, and the maximum term will not exceed the account maturity date.


Fixed-Rate Loan Option during loan term: You may convert all or a portion of your outstanding HELOC variable-rate balance to a Fixed-Rate Loan Option, resulting in fixed monthly payments at a fixed interest rate. The minimum outstanding balance that can be converted into a Fixed-Rate Loan Option is $5,000 from an existing HELOC account. The minimum loan term is 1 year, and the maximum term will not exceed the account maturity date. No more than three Fixed-Rate Loan Options may be open at one time. Rates for the Fixed-Rate Loan Option are typically higher than variable rates on the HELOC.


HELOC funds may not be used to purchase, carry or trade securities or repay debt incurred to purchase, carry or trade securities.


Banking, mortgage and home equity products offered by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Equal Housing Lender.  Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.



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