My mil gifted us her house. She has a home equity loan on it, but we would like to renovate can we get a HEL?
Tags:home equity loan, money,
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We would similar to to have the little most indispensable updates upon the house, though she still owes income upon the home equity loan which she had upon the residence prior to she means it to us. Can you get the home equity loan ourselves prior to hers is paid?
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If there was a loan on the property and she transferred title to you, that loan is likely to now be fully due and payable. You probably will have a hard time getting another loan while there is still one outstanding. If you can, you will need to get a large enough loan to pay hers off. Please have all this done through a title agency so you can be assured of clear title to this property.
How did the title get transferred to you with her loan still in place?
I hate to answer a question with a question but here goes. Is the house in your name? Did she transfer title (deed) to you? If so then there is not a loan on it now. Before the title can come out of her name it had to be paid. If the title is in your name then the answer is yes.