NLIC.org

Franklin Said:

I am equity rich but cash poor?

We Answered:

I understand, you don't want to sell at the bottom of the market but need the money now. $70k loan is not too small to do. You may have spoken with someone that didn't want to do it due to lack of commission but lenders will do $70K loans in HI.

If for some other reason you don't qualify for conventional financing, your only other option is to go to a private lender. There are companies with private investors that will lend just based on equity. interest rate and fees are high and these are generally lines of credit. don't expect to find a low fixed rate.

You can sell it to a family member and pocket the cash and take it back later but who can you trust like that. Your kids? Be aware that real estate fraud generally happen between family members that have access to personal information. Your best option is to sell or find a private HARD MONEY lender.