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Updated over 5 years ago,
Home equity loan on inherited property
The home is fully paid off and I am currently living in it. We do not wish to sell the home But I will continue to live in it. My parents left a will Stating that if the home was ever sold the amount would be distributed 3 ways. I consulted with an attorney who advised that the probate was not necessary and all that was needed was an affidavit to just change the name over to us. Can I make a small equity loan on the home to pay the attorney and pay off a small amount of debt that I have?The loan amount would be $10000 or less. The house is still under my parents name.