[08rookie]

my father has a low fico, roughly 580, he wants to tap into equity in his house and he isnt sure the proper way...he has close to an 80k balance on his mortgage but the house is worth, even in this market, close to 425-450k...

actually the use of the equity would be to help me with a down payment for a property....is it as simple as contacting the mortgage provider and after the approval, the mortgage balance would increase from 80k to 130k...with the same terms as the previous mortgage??

i know his fico is low, maybe we could hire a company to improve the fico before the application?

not sure if transferring property into my name would benefit the situation. i have a fico of close to 780....im under the assumption the property transfered to my name would have some tax implications...uncle same wouldnt allow a transfer of close to 350k in equity without jumping in at some point?

any help here??