3 responses to “If i am given a house that is paid for in full, can I take a home equity loan on the full value?”

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  DannoREA March 10th, 2009 at 03:07

  ELI

  I’m guessing that someone gave you the house as a gift or an inheritance?

  So long as you own the home and you qualify for the mortgage, you can mortgage it for as much as the lender will allow.

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  Ross March 13th, 2009 at 09:16

  ROGER

  Usually if you go over 80% of the value of the home there will be extra costs. There ar differenet types of loans, make sure you do your home work.

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  Quicken Loans March 16th, 2009 at 17:20

  DARIN

  Home equity loans have higher rates than typical mortgages. If you own the home free & clear now, you can do a cash-out refinance, although most lenders will typically only let you take cash out up to 90% of the home’s value.

  Keep in mind, in either case, you will need to be on the title of the home for at least 6 months prior to taking cash out of the home.

  Let me know if you have any questions. I’m including a link to an article that compares home equity loans and cash-out refinances. Best of luck!