Home Equity Loan

[Anonymous]

Hello Everyone,

My Mother-In-Law wants to take out a home equity loan for $200000. Her house appraised for $600000. She owes nothing on the house. The only question I have is that she is 80 years old and my sister in law is co-signing. Should there be a problem with the age in getting the loan?

[ShanetheMortgageMan]

A lender cannot discriminate based on someone's age - it's in the Equal Credit Opportunity Act.  As long as your MIL & SIL qualify for the mortgage they should be fine.  If your SIL does not live in the home, she would be qualifying as a non-occupant co-borrower, which usually are not eligible for home equity lines of credit or standard home equity loans.  If that is the case, your MIL & SIL could still qualify for a normal 1st mortgage refinance.