I am executor on a trust for three minors. I would like to take out a HELOC in their names. They own a quarter of a house that is paid off. What steps do I need to take?
Lenders require that all owners of real estate sign a mortgage or deed of trust in connection with a home equity line of credit. Before you talk to a bank, find out if the other owners of the real estate will agree to pledge it to secure the loan. Without their agreement, you can go nowhere with your plan.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Lenders require that all owners of real estate sign a 