Taking on new mortgage for line of credit.

[Gary Wong]

My mom and I have been living in North Texas for more than 15 years now. The home I live in growing up is now worth around 180k. She still owe about 70k in it. I am thinking about helping her refinance for a couple of reason.

1. Her interest rate is 6% which is really high and she has really bad credit. Helping her refinance can lower her monthly cost.

2. If I take on the mortgage, can I use the 80k equity on the house to obtain a new investment? or possibly use it for a flip.

I just want to get other people's opinon on this. Whether this is a good idea or bad idea.