Can I get an equity loan on a home I own but do not live in.
The home became mine at the death of a divorced spouse. I have not lived there in 18 years. However, I do have a son and grandson who live there. by maegaston08415 from , California. Jul 16th 2018
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Sure, why not? You legally own the home. Just make sure the home is now properly transferred into your name before bothering to apply. Most of the time the transfer isn't automatic. But sure, regardless if you live there on not, you can apply for financing against a home you legally own.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
The short answer is yes.. you can do a cash out on a home that's not your primary residence. The loan to value will be lower than if you did live there, but not by much.. 75% LTV or lower is acceptable. You will also need to meet all other eligibility requirements, but so long as you qualify, it's not a problem.. I'd be glad to put some numbers together for you, so feel free to reach out to me.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893
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