Posted on: 13th Mar, 2012 08:30 pm
I'm still paying on my mother's morgage. I am an only son and am filing an affidavit of heirship for the property. Can I borrow on the equity? if so, what percerntage of it and/or the value of the house?
Hi Smileydot,
Once the property is transferred in your name, you will become the owner of the property. Then you can borrow money using the equity on that property. The loan will depend upon the amount of equity you have in that property.
Once the property is transferred in your name, you will become the owner of the property. Then you can borrow money using the equity on that property. The loan will depend upon the amount of equity you have in that property.
Hi Smileydot!
Welcome to forums!
Adonis is correct. Once you get the property transferred in your name and if you have the required credit score and income, then you will be able to take out a equity loan on that property. If there is an existing mortgage on the property, then you should have at least 20% equity on your property to get a equity loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Adonis is correct. Once you get the property transferred in your name and if you have the required credit score and income, then you will be able to take out a equity loan on that property. If there is an existing mortgage on the property, then you should have at least 20% equity on your property to get a equity loan.
Feel free to ask if you've further queries.
Sussane