Thanks for this video. I was not aware a Home Equity Loan existed as another option to a HELOC - helpful videos and good learning. Thanks again for making all of these home loan videos.
If you take out a HELOAN and keep your primary residence as a potential rental, would you even qualify to buy another home? Seems impossible in cali with the prices here..
@@royjohnson9043 you can use 75% of the gross rents received to offset the mortgage payment. Also, make sure to claim the rental income on your tax returns. I see way too many people who take cash for payment and don't claim it. If there's no proof of the home being rented you'll get hit with both payments plus the HELOAN payment
@@SeanUyehara I'm actually interested in doing this as well . But I don't understand the part where you said you would get hit with 2 payments? I I prefer cash as payment for my rental .
@@hugomoran6854 by borrowing equity out of your current home you are creating another mortgage. If you have enough equity to pay for another property outright then you wouldn't have a mortgage payment. However most clients are borrowing the funds for the down payment thus creating another mortgage payment.
what about a reverse mortgage?
That product is becoming more popular since the cost of living has been putting stress on the older generation
Thanks for this video. I was not aware a Home Equity Loan existed as another option to a HELOC - helpful videos and good learning. Thanks again for making all of these home loan videos.
You're welcome!! Same here when I first heard about it lol. But it is another option out there to consider
If you take out a HELOAN and keep your primary residence as a potential rental, would you even qualify to buy another home? Seems impossible in cali with the prices here..
Are you purchasing another primary residence?
@@SeanUyeharaYea would be the goal to purchase another primary and turn current into a rental
@@royjohnson9043 you can use 75% of the gross rents received to offset the mortgage payment. Also, make sure to claim the rental income on your tax returns. I see way too many people who take cash for payment and don't claim it. If there's no proof of the home being rented you'll get hit with both payments plus the HELOAN payment
@@SeanUyehara I'm actually interested in doing this as well . But I don't understand the part where you said you would get hit with 2 payments? I I prefer cash as payment for my rental .
@@hugomoran6854 by borrowing equity out of your current home you are creating another mortgage. If you have enough equity to pay for another property outright then you wouldn't have a mortgage payment. However most clients are borrowing the funds for the down payment thus creating another mortgage payment.
I need to have loan equity funding who?
can you help ?
Yes, send me an email. My email is seanu@genevafi.com
Based on my home equity only
Hi Donna if you need some help, feel free to send me an email at seanu@genevafi.com and i'd be happy to see what we can do for you
Who? Phone please?