Posted on: 11th May, 2010 02:49 pm
i am on the deed to the house the my parents and i live in ( it is a 3 family home). the mortgage is in my fathers name. can i tak out a home equity loan ?( there is equity in the house)
if your name is on the deed then you do have the ability to use the home as collateral for a loan. you'll still have to pass the other application criteria and the amount you'll be able to borrow will be restricted by the existing mortgage secured on the property but in theory, yes I think you can.