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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.

sara · Posted: Wed Apr 29, 2009 2:33 am Post subject:

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.

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