Posted on: 08th Jan, 2009 03:27 pm
I AM GOING TO PAY HER THE PAYMENTS DIRECT UNTIL SHE DIES, ASSUMMING SHE LIVES FOR 5 YEARS, I WOULD HAVE 20% EQUITY IN THE HOUSE, WOULD I BE ABLE TO GET A LOAN BASED ONLY ON THE EQUITY OF THE HOUSE WITHOUT ADDITIONAL MONEY DOWN?
Hi PAULI!
Welcome to forums!
As far as I can understand, you can apply for a HELOC if you have an equity on the property. It is a loan wherein the lender agrees to lend a maximum amount within a said period and the collateral is the borrower's equity in his/her house.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as I can understand, you can apply for a HELOC if you have an equity on the property. It is a loan wherein the lender agrees to lend a maximum amount within a said period and the collateral is the borrower's equity in his/her house.
Feel free to ask if you have further queries.
Sussane