Posted on: 26th Jul, 2013 12:26 am
If I take out a home equity loan on the property of my parents will I have to take out a homeowners insurance? The property will be transferred to me and I will pay off my parents.
It should be noted here that the lender will require you to take out a home-owners insurance as a condition to get the loan. Moreover, going for a home owner's insurance will be beneficial for you in the long run as it will help you in case your house is damaged due to fire, etc.
Why wouldn't you want to get a homeowner's insurance policy? This is certainly a benefit. Go for it.