Some lenders offer asset depletion home equity lines of credit (HELOCs) although if you have significant assets you may be able to arrange a straight line of credit backed by your assets. A line of credit would be collateralized or backed by your assets as compared to a HELOC which is collateralized by your home. In some cases having an asset-backed line of credit may provide more financial flexibility as compared to a HELOC.
Our recommendation is that you speak with the bank or lender where you have your savings or brokerage accounts and understand the line of credit, HELOC or asset depletion loans they offer. We also provide a comprehensive overview of asset depletion mortgages, including the types of lenders that typically offer this product, on FREEandCLEAR . Asset depletion loans are usually offered by banks with both mortgage lending and private banking operations that are looking to grow their assets under management. Other asset depletion lenders include larger, national banks such as Wells Fargo, Citibank, Bank of America and Chase as well as portfolio lenders, which are banks that hold mortgages on their balance sheets instead of selling them.