Refinance house with no job with son?

Kenyetta
My mother owns a home with $200k equity in it. I live in it and pay the mortgage but she is disabled and no longer has income coming in anymore and I want her to rent it out. Is it possible for me to help her refinance it and pull some equity out even though I'm planning on buying a house in the next few weeks?

Brynn
Not unless your name is on the deed then if your refi it you have to worry about YOUR DTI for your own purchase coming up.Where is mom going to live that does not eat up the income of the rental?

Devora
It's possible to get a loan when you don't have a job (such as retirees) but you usually have to have some kind of income. If she wants equity, maybe a reverse mortgage would work for her.

Amie
Refinancing may be possible, but considering your mothers circumstances and you planning to buy your own home, your mother might look at the various reverse mortgage programs available. These could provide her with a good income and a place to live. But be careful, there are a lot of scam programs, so look to one of the large financial complanies and speak to a reputable lawyer before actually doing it.