Real Estate

HELOC multiple owners

  • Last Updated:
  • May 18th, 2020 12:54 am
[OP]
Jr. Member
Feb 17, 2014
139 posts
14 upvotes
KANATA

HELOC multiple owners

Hello,

My wife co-owns a house with her sister and the house is fully paid off.

Her sister wants to take out a HELOC against the house. Can she do this without impacting my wife and myself financially?

thanks!
1 reply
Deal Guru
Feb 9, 2009
10627 posts
8963 upvotes
In general no. Both parties have to agree to the HELOC as both parties have title to the house.

Lawyer will see this when they do a title search for the HELOC. Your wife must give consent to her sister to take the HELOC out.

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