How to unlock $2 million in home equity?

[Richard Phillip Lewis]

Hey Everyone, 

For the past few weeks I’ve been working to find ways to get cash from our home equity. 

My family has a beach home that has about $2 million in equity built up.

I’ve come to the latest conclusion that it’s the equivalent of having a flash drive with a bunch of Bitcoin on it and I can’t find the password.

My family for too long have said we are land rich and cash poor. 2 years ago we did a cash out refi and used that cash to renovate our home and up the rent we charge on the beach house.

My name and my mothers name are both on the property. Cash out refi is in her name. Her DTI is about 50% only because of the home equity loan and the taxes. No other debts.

My DTI is 57% for my house, car and student loans. 

I have a property that will produce a nice amount of cash that I can fund with a DSCR loan. Just need the cash down to make it work.

I’ve made it my life goal to find a way to unlock our equity to benefit my family and leave a legacy portfolio for my family so we aren’t land rich and cash poor. What are some ways to unlock our equity? 

I’ve looked at companies like Unison. They offer an “Equity Investment”. They will give us cash equal to 17.5% of our home equity in exchange for shared equity contract on our house? Would you do a shared equity contract?

Are there any other ways to turn the equity into cash? 

Thank you!