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Apr 30, 2024
4:26
:40
pm
Iman23
All-American
Time to sell and downsize or even rent. Would take a huge load off. Priceless.
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Iman23
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Iman23
Joined
Jan 18, 2008
Last login
May 21, 2024
Total posts
42,772 (2,753 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
Jeff Spicoli
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.
InlandEmpYre
Apr 30, 5:15pm
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