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Updated about 9 years ago on . Most recent reply

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5
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1
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Joe Smith
  • West Warwick, RI
1
Votes |
5
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giving up house with reverse mortgage but needs furnace

Joe Smith
  • West Warwick, RI
Posted

so i am wondering

my grandmother has a reverse mortgage she is going to be giving the house back to the bank in two or three months. it has the original furnace from the 1960's in it and it died so she needs a furnace but she can not afford the furnace

she owes way more then the house is worth

if i buy a new furnace and have it installed will i be able to take it back when she give the house to the bank?

i would hate to see her have no heat or hot water for the next two or three months but i definitely don't want to spend $3,000 to $5,000 on a furnace for her just to give it to the bank in a couple months

what are my options for this situation?

thank you for your time

Most Popular Reply

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5,544
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2,364
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Jeff B.
  • Buy & Hold Owner
  • Redlands, CA
2,364
Votes |
5,544
Posts
Jeff B.
  • Buy & Hold Owner
  • Redlands, CA
Replied

You choices are for you and 'ma to make.

Once a new furnace is install - - you're done, it goes with the house.

 

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