Posted: 7/18/2013 7:14:29 AM EDT
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I'm a small business owner and the business is doing ok, but still not quite strong enough to pay me a salary consistently. We put our ducks in a row before launching (ZERO debt of any kind and 3 years income in savings), but we are running out of cash. I have taken a part time job in my field to make some personal income, but we are weighing our options to raise the cash to keep going another 6 months - 1year. IF things don't go the way we anticipate in that time, we will shut it down and go get other jobs.
My main question is can I get any type of HELOC or cash out of my house with no real provable income? I have great credit and the house is paid off with a market value of about $400K. I don't really want to borrow money, but I need to know if I even CAN at this point. My other, less desirable options are: Use credit cards 
Cash out retirement money
Cash out kids college
Sell the house and downsize, live on the difference for a year or so. 
I understand the tax implications of each option, just don't know if I'd get laughed out of a bank or not on the HELOC thing. I'd be looking for a credit line of about 80K. Thanks |