Updated about 10 years ago on .
Best loan option?
Hello BP Members I have a bit of a conundrum on my hands and would appreciate any help or advice. A house belonging to one of my parents who passed away several years ago is in desperate need of rehab. The mortgage is still in the parent name, I don't think the bank cares as long as they keep getting their monthly check. I would like to know what the best loan option is in order to rehab the house and buy my siblings out of their share? I spoke with a bank about a HELOC however they said that I would need to be living in the house while the repair is being done... is this true? I currently do not live in the home and do not plan on living in it until it is completed.