I own a house that is "paid off", despite a 30k mortgage to a family member. There is no 1098 mortgage interest form sent to the IRS at the end of the year. I don't think this mortgage is visible to anyone except his financial adviser who handles all his money. I checked my county's register of deeds online and they only show a quit claim deed when I got the house, no mortgage. All of my income is under the table, and I have good credit (around 700+). I can show bank statements but I only deposit enough money to pay bills and buy stuff on ebay, the rest I keep in cash. I might deposit around $1500 per month on average.
I'm not sure if this is possible in my situation, but I was thinking about getting a secured loan against my home (worth 90-110K) to either buy or open a business or purchase a rental property. Or, a HELOC if I qualify. I've heard that a secured loan against a house is very low risk for the lender, so it's easier to get one. But in my situation, with no provable income, will anyone lend to me? Just looking for some insight on how these loans work and how easy/difficult it is for someone like me to get one.