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
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
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i do not kw
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
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

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