- I am in the US.
- I got into a great school for undergrad that was expensive. My parents hadn't prepared for this and borrowed against their home equity to help pay for it.
- The amount of this debt is approaching $80k.
- I pay them monthly, but that burden is still sitting on their home equity.
- I am now in a position, thankfully, to now shoulder the entirety of that burden myself. I have a great job, more than enough income and a fantastic credit score. Taking the $80k of debt onto myself seems like the right thing to do.
- Furthermore, my parents would like to open up that space so that they can do something similar for my brother (it's not the best situation, but it's what they've got going on.)
I'd like to take the debt onto myself. To my knowledge, the only/best way to do that is to open a line of credit in my name and essentially use that line of credit to pay them.
Most banks only see this as a personal loan, and are not normally inclined to make an 80k personal loan, especially with no prior loan history for them and only small school loans (they are unable to take into account that I'm paying $800+/month because a large portion of this is in checks to my parents.)
- What are some good paths to achieve this goal?
- Is a personal loan the only way to go about accomplishing this?
- Are there any companies or banks that are particularly good in these situations?