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 chloejoanna
Joined: 20 May 2008
Posts: 37
16.05 Dollars($)
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 Posted: Thu Jun 12, 2008 2:39 am Post subject: Is it possible to release equity from a property without sal |
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| Is it possible to release equity from a property without sale or deed transfer? My mother owns a house which i am due to inherit when she passes. However as i am looking to get on the property ladder myself within the next few years we have spoken about realeasing equity from my mothers house to help me with a deposit. Can anyone help me understand how this works and what implications this would have on the house. (Mother currently still paying mortgage though it is possible she may have completed payments by the time we come to this?) |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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| Posted: Thu Jun 12, 2008 6:10 am Post subject: |
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Hi chloejoanna.
I think you can go for cash out refinance to get the equity of the home even without selling the property. Know more about cash out refinance at http://www.mortgagefit.com/cash-refinance.html
Best of luck,
Larry |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Mon Jun 16, 2008 2:08 am Post subject: |
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Welcome chloejoanna.
I feel your mother can release the equity from the property through reverse mortgage if she is 62 years old or above. You must hear about this program. This is a loan against your home equity. You can get it on a monthly basis or get a lump some amount at a time. But you need to pay back the loan. To know more about reverse mortgage just have a look at http://www.mortgagefit.com/reverse.html
Hope this helps.
Good luck.
_________________
Good is the Enemy of Great. |
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