advice on financing repairs
i am looking for advice on how or where to receive financing the repaires of my mother's 94 year old home? is there is anyone who could help me? thank you
Re: advice on financing repairs
For you mother, a reverse mortgage may be the way to go unless you want to inherit the house when she passes on.
Otherwise, you could put the house in a trust for you, your siblings and her then invest in a home equity loan. You would have to make the payments because your mother isn't likely to be credit worthy at her advanced age. This is what my aunt and grandparents did for Grandma and Grandpa's house. It paid for siding, a new roof and some structural repairs.
According to Suzie Orman don't get a Home Equity Line of Credit. The intrest rates are often too high.
She offers software that allows you to set up the trust I was talking about. Her website has a link to down load it and it will give you a great list of important documents to keep in a very portable place in case you need to leave your home for any reason.
Debby in Oklahoma