Need help with a strategy for my father's property

[Kyle McCane]

My father has a reverse mortgage on his home. I don't know much about them.

The home is in relatively good shape but there is some definite deferred maintenance needed like a kitchen/bathroom remodel, removing the wall paper from 1978, floors/carpets, swimming pool refurbishing, etc.

Property values are good in the neighborhood. It's a pretty desirable place to live in his city.

He is at a point where it's time for him to move out and probably come live with me and my family. I understand that he/we have 1 year from the time he moves out to sell or refinance to pay off the reverse mortgage.

What strategies I should be thinking about:

- Take out a loan and do a complete refurb and refresh of the property to sell?

- Try to sell it "as is"?

- Take out a loan and refurb to make it a rental property?

- other suggestions?

- Partner with someone that knows what they are doing???

Any advise will be really helpful.