HELOC Idea... is this doable?
Good evening BP,
On my drive home tonight I had this idea and wanted to run it by some brilliant minds to see if it can be done. I am trying to find finding for my next property and I realized my mom and sister both have homes in their names which are free and clear. Would it be possible to draw a HELOC from each of them?
Main issue is they don't really have income to qualify for any loans so I would need to use mine. Can I cosign and them actually get approved? Or option B, could I transfer the homes to my name and get approved? Would there be anything I need to worry about with these strategies?