We’re here when you need us most.
If the unexpected happens, Borrowers Protection Plan® can help.
Bank of America wants to help you be prepared if the unexpected happens. That’s why we offer Borrowers Protection Plan,® an optional feature on select home loans. It can cancel your monthly principal and interest payments for up to six months1 in the event of: 2
- Involuntary unemployment
- Loss of life
To help ease the financial burden of buying a new home, we offer Borrowers Protection Plan at no cost for the first 12 months for a single borrower on select loans. 3 Joint protection is also available to protect co-borrowers at a significant discount for the first 12 months on select loans. 3
You can only enroll in this exclusive plan before or at your mortgage closing, so make sure you call me for more information today.
Important Information about Borrowers Protection Plan
1 The benefit period for Borrowers Protection Plan on first mortgages is up to six months. For stand-alone home equity loans and fixed-rate loan options, the benefit period is up to 12 months.
2 Borrowers Protection Plan® is available on many first mortgages used for home purchase and home equity loans, less than $500,000. Optional Product: Your purchase of Borrowers Protection Plan is optional. Whether or not you purchase Borrowers Protection Plan will not affect your application for credit or the terms of any existing credit agreement you have with Bank of America. Additional Disclosures: Additional information will be provided to you before you are required to pay for Borrowers Protection Plan. This information will include a copy of the Addendum, which is the contract containing the terms of Borrowers Protection Plan. Eligibility Requirements, Conditions and Exclusions: There are eligibility requirements, conditions and exclusions that may prevent you from receiving benefits under Borrowers Protection Plan. Carefully review the Addendum for a full explanation of the terms of Borrowers Protection Plan. Borrowers Protection Plan is not available for all loan types or amounts.
3 The one-year, no-cost Borrowers Protection Plan offer does not apply for Borrowers Protection Plan on nonpurchase home equity loans or home equity lines of credit with fixed-rate loan options.
Borrowers Protection Plan is offered through Bank of America, N.A. ARC3D0V