My wife and I want to buy my mother's house and still let her live in it.My wife and I want to buy my mother's house, since she can no longer afford it and still let her live there. The payoff is $128k. We need to know what type of loan to get. She is over 50 miles away near the Chesapeake Bay and we do stay down there. Would we get a second home loan or an investment loan. My mother will be paying a minimal rent. The second part of this question is since we only need $128k to pay it off (the house is worth $175k), what amount do we apply for and do we need a down payment, since the $128k is way below the value? I should add that she is 80 years old, so refinancing is out..May 15 2013 - Richmond0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.