Home equity in homestead state

Today I went to settle at BOA on a Heloc . I own a property in Florida mortgage clear and live in MD. I purchased the property before I got married(5 yrs prior). I want to fix the property up bit before I retire and move to Fla full time. BOA told me today my husband must co sign on the line of credit even though he is not on title/deed. MY name is the only name on title.I do not claim the Florida property as a homestead exception???? Does any know if this is a requirement to have a spouse co sign....my credit is great and I qualified alone. Thanks

Suzanne Mckay

Suzanne,

The loan company usually has their own rules, and since a Florida property is 'Tenants by the Entireties' property, they may have to require him to co-sign the mortgage.

http://www.floridahomesteadservices.com