Help keeping a family member in her home
Hi,
I'm hoping someone can share some creative financing ideas to help keep a family member in her home. She currently owns that home free & clear, and it's worth aprox. $200K. Since it's a 2nd home that's used 4-5 months of the year, the taxes, insurance and maintenance are becoming a burden. I'm entertaining the following scenarios:
1. Setup home for VBRO, AirBnb or other short term rental to help pay the expenses. (She's not crazy about having stangers in the home)
2. She could get a HELOC and use the equity already in place to make these payments.
3. An arbitrage arrangement; she qualifies for a conventional cash-out Refi and then uses the proceeds to provide HML to my company. The difference between her conventional loan rate and my HML rate would easily cover her annual expenses.
4. Open to other creative ideas, thoughts, suggestions...
Ari