Hello,
Looking to add my parents to my home deed (no mortgages). Once added, my parents plan on taking out a home equity line of credit in their name only. My credit score is not high enough yet (just graduated college).
If we do Tenants in Common, will my parents be able to take out a line of credit for only their percentage of ownership?
What about Joint Tenants with Rights to Survivorship?
Looking to take out the full 80% value of the house as an equity loan, just not sure which way would likely be better.
Any advice is greatly appreciated!
Answer
You need to contact an attorney. You likely will not be able to obtain a loan on their interest in the property alone as tenants in common or as joint tenants with survivorship. You will have to execute the documents also. Seek some legal help.
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