what are the qualifcations to get a Home equity loan on a home owned by a 85

C

Carla

New member
year old ? I am 85 and need a home equity loan. I owe 30 thousand dollars on it and I think it will appraise at 130,000.00. My only source of income is SS. I make payments of 304 per month. My Income is 19,000.00 a yr. Or should I get a refinance? What are the qualifications for both?
 
I think in practicality's you are one of the few people I know who should probably consider a reverse mortgage. No lender is going to make you a standard loan with just SS as an income at 85. Especially with income at the poverty level.

I'd have a talk with my banker.
 
The qualifications are sufficient income to repay the loan and sufficient equity in the house. If you owe 30K now, you WON'T get a second loan.
 
A lender can not discriminate based on age or the fact that you are on a fixed income. I would refi instead of an equity line since most equity lines are variable rate & could go up. You need to call a lender & just find out what you will qualify for. Good luck!
 
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