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

Report problem with this ad

Apr 30, 2024
3:59:26pm

rcbyufan Truly Addicted User

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

Then you figure out how much is owed at the end of the 10 years.

Report problem with this ad

rcbyufan

Bio page: rcbyufan
Joined: Aug 18, 2010
Last login: May 20, 2024
Total posts: 31,680 (1,087 FO)

Report problem with this ad

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

Report problem with this ad

Posting on CougarBoard

In order to post, you will need to either sign up or log in.

Report problem with this ad