Can my wife and I have a mortgage on our property and her son also get a secured loan to build here?
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Can my wife and I have a mortgage on our property and her son also get a secured loan to build here?
My wife and I own our property. There would be no liens. Could we get a mortgage to restore a newer addition for us to retire in? I’m already retired. And can her son also get a secured loan to demolish an older part of the house to build new? He has always lived with us.
Asked on February 28, 2018 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Legally, you and wife could get a mortgage or home equity line of credit or loan: you are the owners of the property, and property owners may mortgage it. Whether you actually get the mortgage depends on whether you meet the lender's lending standards (loan size vs. equity vs. income and ability to make the payments, taking into account all your other debt and obligations, too). You son is not an owner and cannot take out a loan secured by your property--living there is irrelevant, since only an owner of property may do this.
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