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Eldercare
Reply to "Elderly in-laws refuse to sell house that needs $200k of work, are out of money, can’t get loan"
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[quote=Anonymous][quote=Anonymous]Take out a home equity loan, do the repair work, then qualify for a reverse mortgage? Do the numbers work out if you do it in that order?[/quote] That was my suggestion, not not exactly. They need so much to do the work that when they can qualify for the reverse mortgage they’d just be spending it to make the payments on the home equity loan, and the interest and such. And I think they would have to begin making payments on the home equity loan before they could get approved and get disbursements from the reverse mortgage? Or perhaps not. I’m not yet a homeowner, so don’t know all of this very well.[/quote]
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