can i take a loan out against my home?

hello,

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?.

3 Answers

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  • 1 decade ago
    Best 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.

  • 1 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?

  • MadMan
    Lv 7
    1 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.

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