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Is it possible to get a home equity loan with bad credit? The house is paid for.

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May 31 - US
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June 14
There are a couple of questions you need the answer to in order to determine this one:

1. What is your mid-score?  Take the scores from Equifax, Experian and Trans Union, disregard the high and low and what is left is your mid-score.  This is what is used for mortgage lending.  If it is above 620 then you should seek a reputable lender or bank to explore this.  If below then you can still check with local credit unions or bank but most likely your options will be limited.

2. What interest rate can you stand?  If you cannot get a loan from a bank or lender then you will be looking at a "Hard Money Loan" or a personal line of credit, both will have significantly higher rates than money you could get in the open market.  If you really need the money, then this might be an option for you.

3. How old are you?  If you are 62+ a reverse mortgage might be a good move.  You can do this without credit or income qualification on a home that is paid for.

Hope that helps.
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June 11
 
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