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I agree with all the posts,depending on WHAT is your objective? What is the home worth? Does she want to sell or stay? Doing a For Sale by owner is if she wants to sell.Knowing what the house is worth is a help,as it may be that the house is worth 100,000 and she only owes 30,000.Then there are costs to sell.You might still have an agent swing by with her buyer and for the Buyer's agent they will ask 3%.You need someone to guide you on value,and then what is your game plan in selling.If you really want to keep the home ,then you would find a lender and get prequalifed to see if you can purhcase the home for your Mom.I agree the 203K Mtg is AWESOME for someone who wants a home need to repair.I agree it is not for an investor,so you need to be on the title as an owner/occupier.Depending on how much money Mom has in reserves,savings,retirement,income,the reverse mtg purchase is another option.Only if this is all she has and her income is not the issue,that see what you can do to either sell the home or buy it for her ,depending on which scenario is a better option.Best of Luck
Have you looked at doing a reverse mtg for your mom? Her credit score won't matter. There are no payments so the FICO is irrelevant. If she is over 62 and has enough equity in her home she can reverse it. The title stays in her name, we can usually get the repairs done with the loan too.Depends on her over all goals to know whether the reverse mtg is a good plan for her.You are welcome to call and ask questions, Teri [phone number deleted by Zillow moderator. pLease see our Good Neighbor Policy]
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For Sale: $389,900
For Sale: $399,900
For Sale: $232,000