Father died and left 250k home with 115k reverse mortgage.

[Jennifer Anderson]

A friend of mine inherited her family home when her father passed.  There is a reverse mortgage balance of $116,000.  The home is in a desirable area and in average condition, currently worth approximately $240,000.  She has been with the same employer for many years but has a meager income.  Her credit is underutilized, maybe in the 600 range.  What is her best option to pay off the reverse?  She has quite a bit of equity in the home but is that enough to get financed?  I don’t want to see her get hard money if she doesn’t have to go that route.  

I have agreed to “hold her hand” so to speak through this process.  I’d prefer not to waste time and effort jumping through hoops trying to get her financed if it’s not going to happen.  I’m guessing there are some experienced people here on bigger pockets with some advice? Thank you I’m advance for any suggestions.  

P.S.  The home is in Fircrest, WA if anyone local is out there!  

[Christopher Phillips]

Jennifer Anderson

She will need to pay off the reverse mortgage within 1 year if the relative’s passing.

Obviously, she’ll need to qualify for a loan.

The other option would be to sell it.

Hard money lenders tend not to lend on personal property.