Wells Fargo Personal Loan or Refinance on Home?

[jarodmt]

Sorry for the delayed response, wanted to check with them. Yes, that is their interest rate. They’re both planning on working another 10 years or so making roughly 320k a year or so. I will pass on all the info you guys provided based off what info I have

[GApeachy]

All the best to your parents 

[RobertEG]

I assume that the personal loan would not use the home as collateral, and thus may be a bit safer should they ultimately default.

Any mortgage loan, be it a first or second trust, would explicitly place the property as security, with a lien on the property until paid.  If you default on such a loan, foreclosure comes into play.......