Financing in Philadelphia>Question Details

Luis, Home Buyer in USA, Mobile, AL

Could I take out a small credit line from my own house mortgage, that a family member and me applied for?

Asked by Luis, USA, Mobile, AL Thu Dec 20, 2007

together? Lets say for personal use..answer ASAP!

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You can access you equity, as permitted by a lender issuing the HELOC or HE loan, for whatever purpose you intend for it. However, it will be your promissory note to repay NOT the intended recipient of the funds.
0 votes Thank Flag Link Thu Dec 20, 2007
Luis

Usually credit lines are issued on the equity in the home.

They then become secondary mortgages to your primary mortgage.

If there are multiple owners of the property, all the owners would have to complete the application.

If you have one of the few 1st mortgages that give credit line options on that mortgage, you would need to contact your lender to confirm their guidelines on whether only one of the borrowers or both of the borrowers need to sign for the extended line.

Best of luck
0 votes Thank Flag Link Thu Dec 20, 2007
Just talk to a lender and tell them your situation and you'll have the answer. Without knowing your particular situation, I wouldn't be able to answer you.
0 votes Thank Flag Link Thu Dec 20, 2007
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