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re: HELOC Question
Posted on 2/22/17 at 12:02 pm to TigerGrad2011
Posted on 2/22/17 at 12:02 pm to TigerGrad2011
A HELOC is using the homes equity as collateral, so I'd assume only the owner of the home could take out a HELOC. I'm pretty sure additionally that everyone that owns the home is a co-signer on the debt. Therefore, if the couple was married then the heirs would only receive 1/2 the net worth of the house minus the HELOC. If they were single and the guy owned the home outright outside of marriage, then I would assume he also assume 100% of the HELOC.
I don't think anyone else can have a HELOC in their name without being on the deed of the house. I'm not a lawyer, but I have done some HELOC loans.
I don't think anyone else can have a HELOC in their name without being on the deed of the house. I'm not a lawyer, but I have done some HELOC loans.
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