Posted on: 03rd Jan, 2013 10:39 pm
Hi there… My elderly mother has been living on savings and a small social security check each month. However, she is getting low on funds. She owns her home outright As she does not have much income so she could not qualify for any type of HELOC herself. I'm wondering if banks would give a HELOC on her home if I agreed to make the payments on the loan.
What you have proposed to do has some similarity with the job of a co-signer. But, a co-signer comes into effect only in case the main borrower defaults in making payments. You can still have a talk with lenders.
Welcome Benny,
You will have include your name in your mother's HELOC or else the lender may not agree to give her a loan. The lender will give the loan based on your income and credit situation.
You will have include your name in your mother's HELOC or else the lender may not agree to give her a loan. The lender will give the loan based on your income and credit situation.