+2 votes
The house is in my in laws names and they live in a small cottage on the property that was renovated 8 years ago. There is $50,000 left to pay off cottage. Can we borrow against the house we are living in if it is paid off but part of the estate/trust? It is a very old small home that our family of 6 has outgrown. It needs a lot of work in addition to additional square footage. The house is currently valued at 900, 000 because of the location and property size. We have excellent credit, but are not on the deed so trying to figure out what to do. Help!
asked Nov 17, 2017 in Home Improvement by anonymous

2 Answers

+1 vote
Can you be placed on the deed, or is it permanently in the trust? You would need the trustees to sign the property over to you personally. Then you may be able to get either a cash-out loan (https://themortgagereports.com/18286/cash-out-refinance-mortgage-freddie-mac) or an FHA 203k loan (https://themortgagereports.com/14946/fha-203k-loan-mortgage-lender-rates) on the home. There may be a waiting period involved, however, since you would have just gained ownership.
answered Nov 18, 2017 by TimLucas (10,040 points)
0 votes
Recomnend FHA 203K LOAN.
answered Feb 10, 2018 by GustanCho (106,540 points)

Welcome to The Mortgage Reports Q&A Forum. Have your questions answered by experienced mortgage and real estate professionals.

Related questions

+1 vote
2 answers
+1 vote
1 answer
515 questions
662 answers
884 users