how to take equity loan on investment home that has no mortgage due?

Question

I want to pay off all bills with a home equity loan from property bought for investment. Paid cash and dont have any mortgage payments.  I recieve rent monthly from tenants, am on unemployment, and recieve ssi monthly.  Can you  help me?

Answer 1

You don't have to have an existing mortgage to take out an equity loan on the house.  In fact, not having an existing mortgage on it will significantly increase the odds of approval and the amount that you can borrow.  

On non-owner-occupied property you may be limited to 60% to 70% of your equity in the property as opposed to 80% to 90% for owner-occupied properties but other than your ability to repay there's no reason why it would be denied.

Answer 2

Rental income?
Have you been putting this in your taxes?
If so, it may be enough for you to qualify to take a mortgage out of your home.
Although this is an expensive way to get cash, since you have to pay closing costs - which can easily run into the thousands.

Also remember the #1 rule in retirement:  No loans

Answer 3

Called a line of credit against your home,  just make sure you have enough rental money coming in to pay the monthly payment!