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Asset rich but cash poor-repost

I am a senior who purchased my home in full. I have 100% equity in a home valued over 700K. While my credit score was quite good over a year ago, I have had some serious personal issues that have affected my credit score such as my business closing, health issues etc.. My monthly income is from Social Security and a pension check

That said, I need a loan of about 10-15K before the end of the month. I have had a hard time finding a lender.

  • April 22 2014 - West Los Angeles
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Answers (3)

If you message me what you have in mind, I may be able to connect you with a private investor.  

Best wishes
  • April 27 2014
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I believe a home-equity-line of credit would be something to look into.
  • April 25 2014
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The cheapest way to borrow that small amount would be signature loan or a home equity loan from a bank. Unfortunately, your credit scores will still be an issue even with your equity. If you have exhausted efforts thru a number of local banks/credit unions, then hard money lenders ( Google for LA) or a reverse mortgage may be your only options. Everyone will tell you a reverse mortgage is not a good option, but unless they have another option that will work, in your case it may make sense. It could be more beneficial in the long run than just accessing $10-15K.  Fees are not excessive if you are borrowing a small amount of your available equity.  Getting enough funds to sustain you for a longer period would be a good objective.
  • April 22 2014
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