Wednesday, January 4, 2012
Can the beneficiary of an estate borrow money against the equity in the home in order to renovate it for sale?
A relative has left me their home as part of the proceeds of their estate. I have been cleaning out the house over the past month and now that it is almost empty it is quite evident that it needs some TLC before it can sell. The probate has not come back yet, but has been applied for and paid. I wonder if there is any way I could go to the bank that currently holds the mortgage and borrow against the equity in order to do the minor renovations that are required before listing the property? I think the most I will need is in the $20,000 range. The house is almost free and clear except for a secured line of credit.
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