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It really depends on the state in which you live and whether or not you are referring to a married couple. It also depends on what you mean by "sign for a home equity loan." In Texas, for example, both spouses would have to sign for a home equity loan. And as for the signing, both have to be at closing to sign the documents, but they are not both required to be on the loan itself (i.e. responsible for paying off the debt). Your best bet would be to call around to a couple of local banks and ask the question. I mention a couple, because that increases your odds of getting correct information instead of just one person thinking they know what is the correct answer.

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โˆ™ 2006-03-31 05:51:03
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Q: When owning a home if two people are on the mortgage do you need both people to sign for a home equity loan also?
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Related questions

What is reverse equity mortgage?

a reverse equity mortgage usually refers to a reverse mortgage, also referred to as a HECM loan. (Home Equity Conversion Loan). The key difference between a regular mortgage and a reverse mortgage is that no monthly mortgage payments are due on a reverse mortgage. A reverse mortgage also does not have credit or income requirements because there are no payments due. Qualification is based on age- minimum age 62- the value of the home and its location.


How does refinancing primary mortgage affect a home equity line of credit?

The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.


What is the definition of the reverse mortgage?

An arrangement in which a homeowner borrows against the equity in his/her home and receives regular monthly tax-free payments from the lender. also called reverse-annuity mortgage or home equity conversion mortgage.


How do you pay back Reverse mortgage?

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home.


Where can one find mortgage refinancing in Jacksonville?

Mortgage refinancing in Jacksonville can be done at any local bank. Refinancing can also be done at mortgage refinancing specific places such as Jacksonville Mortgage and American Equity Mortgage.


At what point is it beneficial to refinance a home mortgage?

If the mortgage rates have gone down you may want to refinance your home. Also you may want to if you have 20% or more in equity or have an adjustable rate mortgage.


Where can one find an equity loan second mortgage?

One could find an equity loan second mortgage from many websites, such as BankRate and Realtor. One could also check out their local area banks and see what they may have to offer.


How can you get out of a reverse mortgage?

You can refinance out of a reverse mortgage at any time, there is no prepayment penalty. you can also sell whenever you want and move. Any equity remaining will be yours to keep. If there is negative equity in the home you can turn it over to the lender and will not face personal recourse against you or your assets provided the reverse mortgage is a HECM reverse mortgage insured by FHA- most are.


Can you get a home equity loan if your home is paid for?

Absolutely! Home equity loans enable homeowners to get cash out of the equity in their home. As Homeowners pay down their mortgage, they build equity; equity is also built as a home’s value increases. You can borrow against your equity in your home. To check out more about home equity loans visit LendingTree.


What companies have the right to buy mortgages?

Some of the companies that have bought and sold rights to a mortgage include Thornburg Mortgage, Luminent Mortgage Capital and The Blackstone Group. American Equity Funding has also bought and sold many mortgage rights.


How much equity do you need in a home in order to get a home equity loan?

Home equity loans enable homeowners to get cash out of the equity in their home. As Homeowners pay down their mortgage, they build equity; equity is also built as a home’s value increases. In order to qualify, most lenders require at least 20 percent equity in your home.


What are the advantages of equity refinance?

Some advantages of using equity to refinance is that one can take a small amount from their equity to pay off other bills or to refinance ones mortgage. One can also use ones home equity to make home improvements.


What are the advantages of taking out a second mortgage?

The advantages to taking out a second mortgage on your home is that it gives you a little extra money to work with. Some people will take out a second mortgage on their home if they need to make improvements on their property and don't have the money to do so. It will also help you to create a home equity line of credit.


What are some reliable home equity lenders in the Boston area?

There are a number of reliable home equity lenders one could use in the Boston area. Wells Fargo have a good reputation and offer home equity loans. Mortgage Equity Partners and Citizens Bank also offer home equity loans.


What exactly is reverse mortgage leads?

It's an equity release for people over the age of 62. The person can receive some of their equity instantly, over a set period of time, or over their lifetime. There is also no need to pay every month, but interest will build on the debt.


Can you take out a home equity loan on a house if you are not on the first mortgage but are on the deed with your parents?

Yes but your parents being on the deed will have to also sign.


Is a home equity loan considered an unsecured loan?

No. A home equity loan, also known as a second mortgage, uses your home as security. If the loan is not paid back, the lender may go after your home.


Is the interest deductible when you use a home equity loan to pay off a second mortgage?

The interest on the second mortgage is deductible but not the home equity loan. If you could deduct the interest on the equity loan also, then you would be double dipping and the IRS doesn't like that. In every situation, one party can and the other party can deduct the interest. Someone has to pay tax on the money transfer.


How does one get a 2nd mortgage loan?

One can acquire a second mortgage from any lender based on the existing equity on the home. Basically, the second mortgage is borrowed on the "paid off" portion of the existing home, which is why it is also referred to as a home equity loan. You should, after having your home appraised, contact multiple lenders to find the best possible deal in terms of both interest and closing costs.


Who offers competetitive mortgage home equity loans?

Most home insurance companies offer mortgage home equity loans. The prices for these loans vary depending on the home's condition and size, and credit rating can also be a factor. Use an online calculator such as the one at BankRate to find comparisons between different companies.


What is mortgage amortization?

If your a homeowner you should try to know how the amortization of your home mortgages work. Amortization affects how quickly a mortgage value is paid down also how fast you can build equity into the house. This allows a homeowner to understand how each monthly mortgage payment can effect the homeowner.


What is full equity control?

Full equity control may also mean majority control or in practical terms, owning at least 51% of the voting shares of a company. In these situations, the majority shareholder can control decision-making and usually has the final say.


Can a Home equity loan be a first mortgage?

Your mortgage company will want its loan in first place, because they want to be the first to be paid in case of default. If you get a HELOC on a home that is paid off, then it is in first place. Some states, like Texas, also restrict the loan to value on any home equity loan- currently to 80%.


How does one qualify for a mortgage refinance loan through the Bank of America?

To qualify for a mortgage refinance loan through the Bank of America you must have at least 5% equity in your home. You must also be current on your home loan payments.


What are the differences in acquiring an equity loan vs line of credit?

An equity loan is a loan based on the value of your home. Some people will get an equity loan when they are really hurting on cash and need more help in paying their mortgage. A line of credit is usually a smaller amount of money which is also easier to get a approved for. You have to pay a monthly bill on a line of credit as well as the interest that builds up.