Log in

View Full Version : Home Equity Loan


judon7699
Jul 29, 2009, 04:04 PM
Hello,
My mother-in-law wants us to take out a home equity loan on her home, because she feels she can't give us anything else. Can we legally do this in Maine without any problems. She is willing to sign the loan with us and we have the financial ability to pay. Your advice would be helpful.

Thank you
judon7699

Fr_Chuck
Jul 29, 2009, 06:18 PM
Why do you need the money, how much is it, if she borrows money on her home it is her money and debt, if she gives it to you, there may be gift taxes due on it

judon7699
Jul 30, 2009, 03:37 PM
What if we just use her property as collateral on a home equity but she also signs the note

judon7699
Jul 30, 2009, 03:37 PM
What if we just use her property as collateral on a home equity but she also signs the note

judon7699
Jul 30, 2009, 03:37 PM
What if we just use her property as collateral on a home equity but she also signs the note