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Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
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Home Equity Loans and Lines of Credit 101 (HELOC)

How Do I Qualify For A Home Equity Loan Or Line Of Credit?

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As with a mortgage, lenders will review your credit, income, and the value of your house to decide whether to give you a loan, and, if so, in what amount.  Lenders cannot consider your health -- even when the income you receive is due to your health, such as from a Disability Income Insurance Policy or Social Security Disability Income (SSDI).

NOTE: According to John Ulzheimer, president of consumer education at SmartCredit.com: Insurance and utility payments, rent and other regular payments can help increase the likelihood that you can get a loan. Under the Equal Credit Opportunity Act, lenders are required to conisder these credit references if the consumer asks them to.  Give proof of payment to lenderws and tell them you want these payments considered as credit references under Regulation B of the Equal Credit Opportunity Act. There are statutory penalties if the lender violates the law.


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