How can I raise money on my mom’s house?
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How can I raise money on my mom’s house?
I have full POA for my mom. She owns a house but has lived with me for past 2 years. Unfortunately she had a fall in hospital and is now in a nursing home. I cannot meet her monthly fees and will have to either raise money on her house or sell it. I have thought about renting it out but it will need a cash injection to modernise it. What is best way round this?
Asked on March 7, 2017 under Real Estate Law, Alaska
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
A POA generally gives you the same rights or authority as the person granting you the POA (i.e. your mother), though you should check the terms of the POA to be sure--some are more limited.
Assuming you have full authority over the home, you can take out a home equity loan for necessary repairs, renovations, etc. required to modernize the house and begin leasing it out.
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