can i take a loan out against my home?
i am a part owner of our parents house. my brother/sister and i all own a 3rd of the home..
the house is paid off.
can i get a loan against my portion of the home?. and do i need the other 2 owners to sign an aggreement or can this be done by myself?.
- Classy GrannyLv 71 decade agoBest Answer
If you owned the house by yourself yes you could get a home equity loan. You can't get a loan against something that is owned with two other people.
- sophiebLv 71 decade ago
first of all it's not a good idea to borrow against the home (if that loan defaults then you will lose the home and the home as it stands is a roof over your head, where would family go if they lost that home?), and I don't think you can do that since you're only part owner. It sounds silly to me to first determine the amount the house is worth then divide by 1/3 and then there are additional costs to do that and you'd probably need the approval of the other two if that is possible. Why do you need the loan?
- MadManLv 71 decade ago
All of you have to take out a loan or none of you can. This is because the loan lender can seize the house if you do not pay.