HELOC Idea... is this doable?

[Robert Szalay]

Good evening BP,

On my drive home tonight I had this idea and wanted to run it by some brilliant minds to see if it can be done. I am trying to find finding for my next property and I realized my mom and sister both have homes in their names which are free and clear. Would it be possible to draw a HELOC from each of them?

Main issue is they don't really have income to qualify for any loans so I would need to use mine. Can I cosign and them actually get approved? Or option B, could I transfer the homes to my name and get approved? Would there be anything I need to worry about with these strategies? 

[Joe Villeneuve]

EVerything you said is possible, however, in answer to your last question, "Would there be anything I need to worry about with these strategies?"  ... the answer is yes.

I would never ask someone to put up money from their home (putting it at risk) unless they had a stake in the returns from that investment.