Can I refinance my Parent's dilapidated house to make repairs?

[Elvira Longoria]

I am looking for a way to refinance repairs to my parent's old home that suffered fire damage some 8 years ago. It's been in a state of disrepair for so long due to funds being unavailable. My parents both no longer work (they are in their 60s) and have very little streams of incoming (much less savings) to do major repairs. And there was no insurance on the house at the time of the accident.

Back when it happened, I was still in school and knew much less about how to help financially. Now that I am older and a little more informed,  I am beginning to explore options like refinancing/ mortgage, or other loan options to get the house back in a livable state. The house is completely paid off.

My goal is to rent the house out once repairs are done to bring in some revenue for my parents instead of it just sitting there dilapidated for another 8 years. I intend to pay off the mortgage/or whatever loan we owe with the rental income, thereafter I hope it will provide some additional income to my parents if we manage to pay it off within their lifetime or just sell it. I just think it would be more proactive for the property to generate some income vs just sitting there.

So I would really like to know what kind of loan-types I should go for in order to take a loan out against the house for repairs? Should I get on the title/deed with my parents to help get a mortgage out? Should I co-sign on a mortgage instead? What are my options? My brother & I are dyi and don't mind getting in there to make some repairs ourselves so that would save us a little in labor but not all. Plus the biggest hurdle is $$ of materials --new electrical, new sheetrock, floors, basically everything minus the roof, studs & foundation.

I do hope I can get some earnest advice from whoever is willing to offer it!