I would really like some advice on this. It has been something that has been on my mind for a couple of years. I am not sure if this is the right subreddit for this. Please refer me to the correct one if this is not it. I am fairly new to Reddit.
Four years ago, I inherited a house that has no mortgage (fully paid off). I live with my mom, brother and sister. I've been paying all the bills since my siblings are going to school. My sister will be starting her career in the near future.
I had come up with the idea that a home equity loan would be taken from the house so that me or my sister could purchase another home. We live in southern California where homes are insanely expensive and I couldn't figure how else either of us can afford a house on our own. I thought that this was the best thing to do. My sister agreed to stay at the current house since my commute is very long and I would like to move closer to my work. She works off hours so traffic is not bad for her.
The plan is to take around a $300k home equity loan. The house is currently under my name. I am hoping to be able to take the home equity loan under both of our names or only hers if possible. I am not sure how difficult it will be to change the house over to her name. If you have any experience with that, I would love to hear it.
I think that my sister will be able to handle the expenses with the help of my brother once he starts working in a couple of months. I do not plan on doing the home equity loan until I we are all confident that we can handle it.
If I have to have my name on the home equity loan would that make it more difficult for me to purchase another home? Will I still quality as a first home buyer?
Any advice would be great. I am considering talking to a financial advisor, but am not sure if it's necessary.
Submitted January 22, 2019 at 01:06PM by icebluemini http://bit.ly/2WaJrUj
