Cash out on home below ARV of $50K

[Melonie McCallum]

Hello, 

I have a property that has been paid off. Its current value is less than $50K. I have tried to cash out the equity in the home but have been told that it could not be done as the bank will only consider loans with ARV of $50k or higher. Can anyone speak to this and make suggestions on other options I could take to pull cash out of this property?