Home equity loan

It depends on his credit rating (FICO score), amount of equity in the house, and bank he chooses.

This is why the advice here is often repeated: To line up the HELOC while things are good. It's easy to get credit when you don't need it. JOE

Would you give money to someone that currently has no way of repaying the loan? I wouldn't.

Mortgage officers use debt to income ratios as a basis for loan approval (among other things). An income ratio of zero pretty much kills your chances. Perhaps if he can convince the mortgage officer that he has multiple job prospects lined up, he'll have a chance, but don't count on it. High FICO scores and spousal income (if applicable) will help.

So to repeat a bit of advice for others: there's value in setting up a HELOC when you are able, both due to income and equity in the home. There's a perfect world where one always has the emergency fund to bridge gaps between jobs, but that's not possible for everyone. A new roof or new transmission can kill that account for those who tried. And let's not forget, a 401(k) loan isn't an option for most people who lose their job.

JOE

Agreed. The worst plan is no plan and most HELOCs cost less than $50/ yr. to keep open. At this point, there's not many options. Perhaps a friend or family member can help out for the time being.