@tendertan wrote:
Hello, My home is paid for and I 'm seeking Knowledge in what kind of loan can I obtain to do home improvements, without having my deeds involve? Second if I did involve my deed what options are there for me?
If you get a home equity type of loan, then the lender will want to put a mortgage lien against your home. It doesn't involve your deed, but it does encumber your home because you are putting your home up as collateral for the repayment of the loan.
If you want to borrow money without putting your home up as collateral, there are a few ways to do it. Here are some ideas below:
- credit cards - not a good idea for large amounts but good for small improvements to pay off right away
- unsecured loan - this is a private loan that usually carries a very high interest rate because you aren't putting your home up for collateral
- crowd funding - this is a newer concept where you go to a website and raise funds for your cause. One such site is "GoFundMe" but there are others. It is worth checking out to see what is available.
- sell items around the house to get extra funds
- pick up a second job and put the proceeds into an account to use for home improvements
- Prosper.com may be a good way to get an unsecured loan
