refinance on investment property.

[Terry C.]

Hi, I am new to the boards and I plan to update my profile later.

I help manage my parent's investment property in New Jersey which is a 2 family house. They took out a 15 year @ 6.5% and it has ~3-4 years left on the note. We are looking to get this refinance for a fix rate 30 years and purchase another property.

We went to a LO but were declined due to lack of income as they have retired. They do not have any other source of income besides this one investment property. Do they have any other routes to refinance and purchase another property or just wait for HELC?

They have two active mortgages at this time 1 primary and 1 investment both are about to paid off ~3-4 years.

Many thanks.