Hello!

My wife and I have the opportunity to purchase a piece of property through probate from a family member who passed away. The purchase price would roughly be 80% of the current tax appraised value, which is well below the market value for this property. Overall, we would be looking at a ~$75000 purchase for a 5 acre lot that would probably be $200k+ on the open market.

While we could technically afford to make this purchase with savings, it would obviously take its toll. We are also on a bit more of a time crunch than a normal purchase given the probate timeline. I'm not sure there is time for a traditional land loan.

A local credit union offered the idea of a HELOC. We have $100k + in equity in our current home, and we would potentially be looking for somewhere around $25,000 in financing to ease the dent in our savings. The rate on the HELOC up front is 6.75%.…