To Refinance or not?

[Michael Hood]

Hi! I was looking to help my retired mother save some money with her monthly bills. She has a 30yr mortgage on a Condo and has just under 15years left to pay it off. She is on a fixed income of 966.00 a month and paying 264.00 on her current mortgage. She owes just over 21,000 and was told that the amount to refinance is to low. The Condo is currently worth about 60,000 according to a couple recent sales of comps in the area. Just wondering what the best option would be for my mom? I was thinking of doing a HELOC to get the payment lower and have my mother pay me every month. Or I could do a refinance with cash out at closing I was told. She would need to increase the mortgage amount on the Condo to 50,000 to do that. The extra money could help pay off her car, and credit cards she has. I just don't know if adding 29,000 to the Condo mortgage would be a good idea. Please advise...