Heloc helps please 🙏

Hello all you money geniuses!! Please forgive me if I miss something. I’m fairly smart, but I have a learning disability, so my brain doesn’t always work very well. 😬🫣

We are looking at a HELOC to build an addition for her parents, who will then sell their home and pay down the HELOC. We are planning to keep the line open.

We should have about $400,000 in equity. We would love to get $350k out but could keep it to 85% if we needed to…

The wife and I both have credit scores over 800 and good paying W2 jobs (where we have worked over 10 years) with pretty low DTI. We are in Georgia.

On potential issues is that we are a few years behind on filing taxes because of my bad brain 😭 but we are working on getting caught up.

We joined Navy Federal credit union and got a mailer for Figure.

I’m planning to call them both to ask their policy on unfiled taxes but if anyone knows that information, that would be great help!

Do you have any suggestions for other companies to check with? Or things that I should be thinking of?

I can’t tell you how much I appreciate the help! 🥰