non occupant co borrower heloc

[Cesar Rivera]

Hey guys,

I need your help. Here is my situation. My parents own a single family home in Brooklyn NY with a very low mortgage balance of 70k with an has appraised value of 900k. The issue here is that they are both retired and and living off retirement benefits ( social security and pensions adding up to around 35-40k per year) and do not earn enough to pull equity out of the home via a heloc on their own. 

My thinking is to find a bank ( or any financial institution) that will allow me to do a non-occupant co borrower heloc. I currently live in D.C. and make a decent living (100k + per year of W2 income)  and do not have much debt. 

I have reached out to a number of commercial lenders ( Wells Fargo and TD bank to name a few) and was told that it would be much easier for me to do a cash out refinance. This is all and good but we are not looking to make mortgage payments right away on the 300k in equity that we are looking to take out. We would much rather have the flexibility and the favorable terms that  a heloc would provide us.

What do you guys recommend? Any advice would be greatly appreciated.

Best,