Wells Fargo is one of the few lenders that offers a primary mortgage and a HELOC - combined into a single loan. The Home Asset Management Account automatically creates a HELOC for along with the borrower’s first mortgage. Here’s how they describe the features of their rather unique program:

Work with your growing asset without reapplying. As principal payments decrease the mortgage loan, qualified customers can become eligible for quarterly increases in their home equity line of credit. Rising market values may also be reflected in annual increases.

Access funds in many convenient ways. Request a home equity access card or use the convenience checks you’ll automatically receive. You can also go online, visit any local Wells Fargo Bank branch, or speak to our dedicated account representatives.

Set guidelines that suit your needs and your comfort level. You can choose to decline — or limit the amount of — any increase to your line of credit.

Plan for life events and make informed financial choices. It’s easy with a simplified monthly statement that combines your first mortgage and home equity account information.

Factor potential benefits into your financial plan. Unlike other types of credit or some installment loans, the interest you pay on your home equity line of credit may be tax-deductible.

Convert all or part of your line of credit’s outstanding balance to a fixed-rate, fixed-term advance.You can choose to convert to a fixed-rate, fixed-term advance anytime during the draw period. Depending on the amount you convert, you can have repayment options that may fit your monthly budget and further your financial goals.

The Home Asset Management Account is convenient because the borrower doesn’t have to worry about applying for a HELOC or managing multiple bills. The fixed-rate conversion feature is also a plus.

Of course, borrowers should compare their rates on these blended loans with the rates for individual first mortgages and HELOCs. It’s better to have two separate loans than an inferior blended account.

See: How to Get the Best HELOC Rates and Terms

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