Posted on: 07th May, 2013 10:48 am
My siblings (2) and I own equal parts of a paid for condo. If one of us wants an equity line to pay for medical expenses, can we use our share of the condo as security?
Hi Maxine,
When one of your siblings wants to take out a loan, the whole property will be considered as a collateral. So, yes, you will have to use your shares of the condo as security.
Thanks
When one of your siblings wants to take out a loan, the whole property will be considered as a collateral. So, yes, you will have to use your shares of the condo as security.
Thanks
Hi Maxine!
Welcome to the forums!
Yes, the whole condo needs to used as a collateral in order to get a equity line for medical expenses.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Yes, the whole condo needs to used as a collateral in order to get a equity line for medical expenses.
Feel free to ask if you've further queries.
Sussane