Can a retiree obtain a renovation loan?

[Walmsley Gedeon]

My mother owns an investment property she would like to renovate here in NY but not sure if she can get the funds to do so. For context she is a recent divorcee who had to do a cash out refinance on her own home to satisfy the divorce decree. Not sure what impact that makes in this situation and her credibility in obtaining a new loan.

She owns a separate investment property that if she does some work to she can obtain the really high rent potential in this particular revitalizing Brooklyn neighborhood. The issue at had is that she now lives off her retirement and investment income. Is it possible for someone in her position to obtain a renovation loan for her investment property so she take advantage of the rent potential? Can we obtain a loan based on that concept which would ultimately be how we pay back the renovation loan?

What are the real options that can be taken here? How can I as her son help her make this happen?

I would like some real advice on how to move forward on this.

Thanks BP Community!

[Paul Welden]

@Walmsley Gedeon it’s time for you to talk with a mortgage professional.