Updated over 7 years ago on . Most recent reply
Looking for a HELOC, June 2018
Good evening BPers,
My parents are in their late 60s and early 70s, both are looking to retire in the near future. Their retirement income/expenses projections show them running a $4k/mo deficit. The idea is to secure a HELOC on their home (I'm open to other suggestions) in order to invest in income properties out of state.
I'm hoping someone can direct me to a product that meets our needs.
The stats:
My parents have a duplex in San Francisco. One side is their primary residence, the other side is a rental.
At the end of 2016 we locked in a VA 30 yr fixed at 3.25%.
The current balance is $462K. No other debt, secured or unsecured.
The appraisal came in at $1.158MM.
Credit is over 820 for each parent.
Combined gross income is enough for most products available.
Please let me know if you have any suggestions, referrals, strategies etc.
Thank you!
