how to take home equity loan on investment that has no mortgage ...

Question by tellen1956@sbcglobal.net : how to take home equity loan on investment that has no mortgage due ?
I want to pay off all bills with a home equity loan from property bought for investment. Paid cash and dont have any mortgage payments. I recieve monthly rent from tenants, am on unemployment, and recieve ssi monthly. Can you help me? Best answer:

Answer by Huntsman
rental income?Have you been putting this in your taxes?If so, it may be enough for you to qualify to take a mortgage out of your home.Although this is an expensive way to get cash, since you have to pay closing costs ? which can easily run into the thousands.So remember the # 1 rule in retirement: No loans

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Source: http://www.lovefinanceinfo.com/2012/02/how-to-take-home-equity-loan-on-investment-that-has-no-mortgage-due/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-take-home-equity-loan-on-investment-that-has-no-mortgage-due

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