It might be good as a last resort. But he needs someone to help him

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Apr 30, 2024
3:30:51pm

cougarfann888 All-American

It might be good as a last resort. But he needs someone to help him

Read the fine print and really understand what he is agreeing to. If he has other options it's almost certainly not a good deal.

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cougarfann888

Bio page: cougarfann888
Joined: Oct 10, 2010
Last login: Jun 3, 2024
Total posts: 27,887 (88 FO)

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Messages

Author

Time

FIL has had some financial troubles & looking at a Home Equity Agreement

TarCoug

Apr 30, 3:23pm

It might be good as a last resort. But he needs someone to help him

cougarfann888

Apr 30, 3:30pm

Yeah, forced sale at 10 years? How much money is he getting and what percentage

rcbyufan

Apr 30, 3:34pm

He's used a good chunk of his HELOC. The creditor would get anything from 20-40%

TarCoug

Apr 30, 3:52pm

Is selling the house and using the proceeds to pay off debt and then renting

Apr 30, 3:33pm

Without knowing any details about his health, the equity he has in his home,

IdahoCoug

Apr 30, 3:55pm

The home is currently worth 1M and as I shared above they could take anywhere

TarCoug

Apr 30, 3:57pm

And how much does he currently owe on the HELOC?

IdahoCoug

Apr 30, 4:12pm

Yeah it's basically a math equation. He's getting money to pay off HELOC. And

rcbyufan

Apr 30, 3:59pm

Time to sell and downsize or even rent. Would take a huge load off. Priceless.

Iman23

Apr 30, 4:26pm

Is he a widower?

CMAC38

Apr 30, 5:10pm

A reverse mortgage may be another option to at least explore.

Apr 30, 5:15pm

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