Skip to content
Two investors reviewing resources on a laptop

Get industry-leading resources — for free

Unlock resources for every investing strategy and stage with a free account.

By continuing, you agree to BiggerPockets LLC's Terms of Use and Privacy Policy

×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Followed Discussions Followed Categories Followed People Followed Locations
Rehabbing & House Flipping
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

5
Posts
1
Votes
Joe Smith
  • West Warwick, RI
1
Votes |
5
Posts

giving up house with reverse mortgage but needs furnace

Joe Smith
  • West Warwick, RI
Posted

so i am wondering

my grandmother has a reverse mortgage she is going to be giving the house back to the bank in two or three months. it has the original furnace from the 1960's in it and it died so she needs a furnace but she can not afford the furnace

she owes way more then the house is worth

if i buy a new furnace and have it installed will i be able to take it back when she give the house to the bank?

i would hate to see her have no heat or hot water for the next two or three months but i definitely don't want to spend $3,000 to $5,000 on a furnace for her just to give it to the bank in a couple months

what are my options for this situation?

thank you for your time

Most Popular Reply

User Stats

5,544
Posts
2,364
Votes
Jeff B.
  • Buy & Hold Owner
  • Redlands, CA
2,364
Votes |
5,544
Posts
Jeff B.
  • Buy & Hold Owner
  • Redlands, CA
Replied

You choices are for you and 'ma to make.

Once a new furnace is install - - you're done, it goes with the house.

 

Loading replies...