i owe zero on my home, but i have poor credit, how can i get a home equity loan?

Hi Martha, If I may ask how old you are. Here is the reason. If you are over 62 years old or you have a spouse who is also on title of your home you would most likely qualify for a reverse mortgage. Since you do not have to make monthly payment on a reverse mortgage your credit is not an issue. If you would like to discuss how this works please feel free to call me at 603-543-3700 ext 1. You may also take a free class on reverse mortgage if that would be helpful to you. Go to www.mortgageprofessordon.com and click the home university link on the top right of the page.Wishing you all my best,Don LaPlume

There are many options, but the real question is, what is your definition of bad credit?... there are lenders out there that will lend to borrowers credit scores down to 500... most lenders want to see 640 or above, but again there lenders who will look at lower...The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Unfortunately HELOC's are made based upon your ability to repay, not the percentage of equity you hold. I would suggest contacting a local bank in which you already have accounts with. That will be your best option.

Martha, Give me a call we will look at options that may be available once we have more information. I will be happy to give you answers this morning Mark WCS Lending 800-485-1387 Extension 107

WHAT state are you in? i am a private money lender , and I have programs to help people in certain states. email me at yourloanpartnerforlife.com or phone at 602-330-1598 linda

We can loan 75% on a credit score as low as 620.You can contact me at 612-460-4602Teresa Johnson-VanneyTCF Bank AnokaConsumer Lending612-460-4602 Office 763-421-3238 Faxtjohnso6@tcfbank.com

Before you go out and accept a hard money loan, you need to know what all of your options are. Contact a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. The Mortgage Banker/Broker will work with you and determine if your credit is too poor to qualify for traditional financing. He will also be able to determine if it can be corrected easily allowing you to qualify for cheaper traditional financing, and finally, point you into the right direction if the above doesn't pan out. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com