How can I borrow money to remodel my parents' home without putting their home in jepordy?

You could investigate a reverse mortgage for your parents. It works much like a traditional home equity loan (which is often used for repairs) but there are no monthly payments to make and your parent's don't need to qualify based on their income or credit history. Contrary to popular misconception, your parents would not be giving up title to their home by doing a reverse mortgage. Like any loan against the house, the balance owed must be paid back when the home is eventually sold. Reverse mortgages are not for everyone but might be a good option in your parent's situation.

Was this answer helpful?

Yes

No

Report Abuse

Yes

No

Report Abuse