Bethany asked:
My Grandmother wants to give my husband and I her home. We are more than willing to take her up on this offer but are a little confused on how to go about getting a loan to cover the repairs to the home. Would that classify as a Mortgage? Home Equity? And if so could we get the VA loan since we are eligible for that?
MURRAY
My Grandmother wants to give my husband and I her home. We are more than willing to take her up on this offer but are a little confused on how to go about getting a loan to cover the repairs to the home. Would that classify as a Mortgage? Home Equity? And if so could we get the VA loan since we are eligible for that?
MURRAY
DWIGHT
I work for a title company, and it all depends on if the home has already been deeded over. If it has, than it is just a simple HELOC (home equity line of credit). Actually a mortgage and a HELOC are one in the same. Once she deeds the home over to you and it is in you and your spouses name, that you are free to do whatever you want to it. Hopefully this helps you out a little!!
About the VA loans, I am sorry, but I don’t deal much with them, so I can’t help you out there.
KRIS
HELOC is an answer to your question. For more answers, go below.