Posted on: 28th Apr, 2009 09:24 pm
My mother, who is 80, wants to sell her house which is appraised at $600,000 and move closer to her family. The new house she is looking at is about $265,000. A bank will not give her a loan because well she's 80 and on social security. Is there any way for me (her daughter) to help out? Can I take out a loan with her house as collateral? With my house (which is paid for)? If any one can help I would appreciate it.
Hi Darcy,
If you do not have a loan in your name, you can use your mother's property as a collateral and take a loan in your name. Your credit score and income will be considered by the lender while giving you the loan.
Did your mother try for a reverse mortgage? Your mother can contact lenders and check out if she can get a reverse mortgage or not. These days reverse mortgages are available for purchasing primary residence.
Take Care.
If you do not have a loan in your name, you can use your mother's property as a collateral and take a loan in your name. Your credit score and income will be considered by the lender while giving you the loan.
Did your mother try for a reverse mortgage? Your mother can contact lenders and check out if she can get a reverse mortgage or not. These days reverse mortgages are available for purchasing primary residence.
Take Care.