What exactly is a home equity loan and can I still get one with bad credit?

I do own my own home but am still paying off my mortgage. My son needs more money for college and we have tapped out on student loans and my credit cards are all maxed. I was wondering what I could do and thought that a home equity loan with bad credit might be an option. I do not know if it's a good idea though

Responses:

There are good answers here as to what a home equity loan is, and you could always get more information from your bank. One person advised that this would not be a good idea, and I agree. I think the best thing you can do for your son, long term, is to share precise details of your financial situation, That's a life lesson that may teach him that income and spending must be balanced. He may have to take on a job, stop college for a year, or transfer to a community college for a while. But later on, he will be better off. One other thing that might help you and your son is to get a copy of "The Richest Man in Babylon" from the library or half.com, and read it. It has a story about a son who goes off into the world to make a fortune, and discovers the value of good money management principles
Equity is the difference in what your property is worth minus what you owe on your mortgage, How much equity do you have and what is the cause of you 'bad credit'? If you have any recent late's or charge - offs you might have a hard time getting approved, All you can do is call a lender and see what they tell you, I know you want to provide you son an education, I paid fourteen - grand toward my daughters State College education, however my personal opinion is, taking out a home equity loan to pay for your son's college is a bad idea, you need to pay down your existing debt before taking on more, Good luck
If you have equity available in your home it may be possible to get a line of credit against your home. Remember though that you are putting your house on the line. A home equity loan may also help you with your credit cards. A home equity loan is usually a fairly low interest rate, which would probably be less than your CC interest, BUT, you would have to have the absolute discipline to not run your CC back up again
A government approved and certified lending company. This company do offer loan ranging from personal to industrial loans to interested persons or companies who are seeking financial aid at a negotiable interest rates sometimes as low as 3%. Why should you die in silence when you have an opportunity to clear your dept, start or boost your business with a loan from our company. ehis_coperative@sify.com
Hello, i am John son from USA, i saw your question on answer and i want to refer you to the international loan company that help me consolidate my depth, when i was searching for loan and i was in a bad shape, a friend of mine introduce me to Dr, Franklyn Graham firm that help me get out of my depth, the company offer all kinds of loan to any where in the world and even if you have a bad credit and low income they still offer service, they are the only international loan company that can help you get a quality loan with a fast transfer without any upfront fees. contact them and i am sure they will be of great help to you. within 24hours. here is their contact
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