Many loan officers don’t know this loan exists.
If you are getting a divorce, and you have to pay your spouse their share of the equity, don’t use a traditional Texas Home Equity loan to do it.
Use an Owelty loan to get the cash out of your home instead.
The advantage of using an Owelty Loan over a Texas Home Equity loan is that we treat them as a regular rate and term refinance (not cash out rates – which are higher).
You can also get above 80% of the value of your home with an Owelty Loan, and you can’t go above 80% with a Texas Home Equity loan.
So, if you are in this situation, or you know someone who is – and your loan officer has told you that you don’t have enough equity to cash out the ex-spouse, just tell them that you need an Owelty loan.
…or, better yet – just give us a call and we can help you!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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