Can I still get a home equity loan with bad credit?

If you really have equity, and a lot of it, you should be able to get a loan. I think your son getting a part time job to chip in would help if he is not already. Like someone said today, Jean Chatsky I believe, there is always funding for education but there is no funding for retirement. Be careful and consult an expert financial planner.

Figure out how much you can afford to borrow. The best way to do this is with a home equity amortization calculator. You can also use a book containing amortization values. Determine a potential home equity loan amount, interest rate and term in months.

Keep in mind that home equity loan interest rates tend to run between 8 and 15%, and tend to be higher for people with bad credit. Also, you can usually only borrow 80% of your home's equity. Then, check the monthly payments that will be required to pay off the home equity loan, either in the online calculator or in the book's tables.

As far as I know, a loan with a bad credit generally has very high interest rate. BE careful as you might slip into a debt trap.