How do I get a home equity loan on secondary residence with no job?

Question

I'm currently layed off work, its only temporary, and I still have all my bills are paid, and good credit.  I also have a vacation home with tons of equity.  I want to get a small home equity loan, but have been having no luck.

Every lender wants me to be either currently employed, and/or have the property be my primary residence.  How can I find a way around that?  I just need a small loan, and there is way more than enough equity to cover it.

Answer 1

There is no way around it. No job, no loan. No one is going to let you cash out on a second residence without income. There is nothing that would prevent you from taking the equity out and then defaulting.  

You don't seriously believe you can get a mortgage without a job do you?

Answer 2

Not a chance.  You must be employed.  And home equity loans (HEL/HELOC) are only available on primary residence.  Consider renting out your second home for income, or at least cover all its expenses.  Or sell it, if you can.

Answer 3

You don't.  No lender will give a loan to someone with no way to pay it back.