Re:95% of Bay Area Cities Lost Zoning Authority
by PaulDavisThe1st on Thursday February 23, 2023 @12:36PM
(#34913722)
For the most part sure.
But there are situations where the HELOC will either be hard to get. For example, you may own the house outright but have very very low income. Or the bank may not be willing to view the land in the same light as potential developers.
"House rich, cash poor" is generally convertible into "have mortgage, and cash", but it is still a distinct condition from "Income rich, have mortgage", especially for low income folks.
But there are situations where the HELOC will either be hard to get. For example, you may own the house outright but have very very low income. Or the bank may not be willing to view the land in the same light as potential developers.
"House rich, cash poor" is generally convertible into "have mortgage, and cash", but it is still a distinct condition from "Income rich, have mortgage", especially for low income folks.