Updated over 4 years ago on . Most recent reply
HELOC on parents house?
My mom's house is nearly paid off. About 15% LTV. She never got into investing but I can't help but feel like it's a waste sitting on all that equity. Would it be possible for me to take out a HELOC on the property to invest into other properties? Looking for any tips/advice.
Most Popular Reply
It is illegal and unethical for anyone to take out a HELOC on a property they do not own. Generally the banks won't allow it anyway.
Now, if your mom is willing to take out the HELOC and give it to you, that is a different story. Just be sure you don't blow her nest egg!