cash out refinancing help?
my parents bought a house back in 1999 for around $244k and have around 60-70k left on the mortgage. The market in our area is exploding and the value around our area is $600-700k.
I was wondering what kind of options does my parents have with the amount of equity and appreciation they've built up for 18 yrs. It's their primary residence and their mortgage is around $970 a month. This neighbourhood you can rent the the place for at least $1900 for a 3bd 2.5bath. I just feel like I can help them be in a better situation but I'm a new to real estate and not sure what would be the best option for them to take advantage of the hot market here.