- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Can You Borrow Against a Home in a Revocable Trust?
Posted on 12/4/23 at 12:01 am
Posted on 12/4/23 at 12:01 am
Our home is in a revocable trust and we'd like to get a HELOC on it for doing a remodel. Is it possible for us to get this loan without transferring the property out of the trust?
6
Posted on 12/4/23 at 5:19 am to rickgrimes
I have very limited experience with these but what I’ve gathered is you have to review the trust docs to be sure it specifically says you cannot. And then go through the trustee.
As always: talk to a cpa/ attorney who has experience with this kind of thing.
As always: talk to a cpa/ attorney who has experience with this kind of thing.
This post was edited on 12/4/23 at 5:20 am
Posted on 12/4/23 at 5:37 am to horsesandbulls
Most lenders won’t allow it without pulling out of trust first.
Posted on 12/4/23 at 5:57 am to rickgrimes
Of course you can. It's a revocable trust
Posted on 12/4/23 at 7:46 am to rickgrimes
This post was edited on 12/31/23 at 8:32 am
Posted on 12/4/23 at 7:59 am to LSU1018
quote:
Most lenders won’t allow it without pulling out of trust first.
This has been my experience too.
Posted on 12/4/23 at 8:28 am to rickgrimes
Yes you can absolutely get a HELOC if the home is in a Trust. Check EFCU Financial if you’re local.
Posted on 12/4/23 at 9:57 am to slackster
My experience, too. I use 2 different banks and both have this policy.
Posted on 12/6/23 at 11:46 am to KWL85
I believe your bigger issue will be finding a bank that will do it, as opposed to your legal/ tax issue with doing it. Banks don't really like to mess with trusts and loans, you'll need to speak to a specific good banker that is interested in doing this.
Have you looked at something like LightStream online loans and compared rates?
Have you looked at any other loan options?
Have you looked at something like LightStream online loans and compared rates?
Have you looked at any other loan options?
Posted on 12/6/23 at 1:06 pm to rickgrimes
Can it be done, yes.
Will a banker have concerns that it being in a trust can cause an issue if the loan fails? Also yes.
They might make you sign a guarantee, might have no issues at all, or might not want anything to do with it.
Will a banker have concerns that it being in a trust can cause an issue if the loan fails? Also yes.
They might make you sign a guarantee, might have no issues at all, or might not want anything to do with it.
Posted on 12/7/23 at 8:01 am to rickgrimes
Probably 1/2 the mortgage loans I make are to Trusts, but I'm in ag. I don't see what the big deal is on the home mortgage side, but that is a thing that most lenders will make you deed it out of the trust. Nothing stopping you from deeding it right back though... well maybe wait until after the lender gets their final title policy.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News