Any lenders who can approve in my case?
Hi everyone! I wanted to get a HELOC but when I called my lender they turned me down because my home is in a revocable living trust. I live here and I am the trustee. I only put it in trust to keep it out of probate should I die. I never thought I couldn’t get a loan on it. I bought the property in cash and own it without any hitches. I just need a $50k line of credit for home improvements and some debt consolidation. Are there lenders who can approve my loan in this case? by magusnet40 from Monte Vista, Colorado. Feb 9th 2022
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Try another lender. Most lenders will accept property that is in a revocable (or living) Trust, but not all. Your best bet is to start with the financial institution you currently do business with. Then try local Credit Unions. Typically, smaller local or regional Banks have tighter restrictions, but the bigger banks are probably better suited to help you.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.
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