My grandfather deeded his house to me, what are my options for home equity loans to purchase a second home?

There are a number of programs available to allow you to extract cash from this property. My advice is to work with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. You can find a great Loan Originator, The National Association of Mortgage Professionals has many very qualified Loan Originators. You can find one that serves your area at www.NAMB.org. Use the Find a Mortgage Professional found on the right hand side of the front page. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Basically you can do a cash-out refinance to get the money to purchase your second home. If you are intersted in getting more specifics, call me at 307-237-7002 on Monday. We are all out of the office today and tomorrow for a lenders conference, but I would love to help you. Brenda Sanders

If anyone over 62 lives in the property, you may be able to obtain a reverse mortgage; otherwise, you can qualify for a cash-out refinance up to 75% of the value of the property, based on your credit and income. Use the money however you want.

Bill, when was the property deeded over? Many cash-out programs require you to be a deed holder 6-12 months for cash-out.

To add a bit of clarification to Carlos' response: they may require 6-12 months since the date the changes were RECORDED. Hope this helps.

Bill --- to clarify something about what Carlos wrote a bit ago. Many of the lenders will want the 6-12 months to begin with the date the property change was recorded.