My mom’s house is worth about $350k with some upgrades, currently she has $49k left on a converted HELOC that my dad took out before he died.
It’s due for a new roof and could use some other upgrades, if it was mine I would just take out a 30 year/$150k loan (maybe less depending on roof and HVAC estimates), pay off the $50k and spend the rest on a new roof, HVAC, etc.. She only has Social Security as income (I’m paying her mortgage/converted HELOC now) so that probably isn’t feasible.
I will inherit the house when she dies, I’m the only remaining relative. She has no desire to sell it for its current value and move and move and me buying it at the market price isn’t really feasible.
I’m trying to figure out the best way to buy it now and do the work – if I go to a mortgage company and explain the existing loan and how much I want to put into upkeep does it basically work like I’m just buying at a discount from any seller with construction costs?
Posted by mvsr990