Borrowing against retired parents home
My parents are going to leave their house to my brother and me. We would like, and they are on board, to refinance their home and invest into a rental property. With the house in my parents name and then being retired and on a limited budget, what would be the best way to get the money out of the house?
Most Popular Reply
I personally would not do that to my parents - especially if I was a brand new investor. You don't know what you don't know
That being said - what's their equity? What's the rate? Probably doesn't make sense to refi right now. So that leaves open a HELOC...
Do you have a regular W2 job? Does your brother? Consider taking a 401k loan (instead of jeopardizing what your parents worked hard for)
Do you have any cash saved up? Any capital reserves?
What's the full plan other than using mommy and daddy's money?