can a heloc be taken on a house that is part of a revoccable trust ..The home is valued at 1.3 million there is no mortgage and looking to take 175,000 to renovate home,
1 Answer from Attorneys
The short answer is 'yes, but'. Meaning there's no rule of law which prohibits a HELOC loan in your facts. The 'but' means you have to find a mortgage broker and lender who will work with you, and that may be tough. It's a pain in the neck to make this loan: lots of extra paperwork, etc. And the lenders often act like robots and if you're situation doesn't fit the mold that they're used to . . . why should they bother with you? So you have to find a mortgage broker who understands what's going on here, and will work to find a lender to make the loan. It definitely can be done; it will just be more work.
Good luck.
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