All Forum Posts by: Jeremy Kong

Thanks for the response Jason. I haven't actually considered a reverse mortgage for investing purposes before. There's one thing I forgot to mention in my original post that will likely disqualify them from a reverse mortgage--this house is actually not their primary home. Also, we prefer HELOC's for their flexibility to only have to pay interest on the amount that is used and only when we decide to use it.

Hi everyone, I'm just getting into the real estate game and I'm looking to partner with my parents to fund deals here in California. They are down and want to take a HELOC on their SF/Bay Area home that they have 100% equity in, but they've spoken to a couple lenders and can't make it happen because they're "too old" (they're both 70+) and don't have income (both retired). Does anybody know of a way around that? Is there a way to maybe cosign with my parents, or should I simply call up a bunch of lenders until we find one who will do it? This conversation was all before the pandemic started--I understand that it will be more of a challenge to get a HELOC now because of the pandemic, but regardless I don't have enough experience to tell if this is a "no duh" kind of thing or if we just need to try harder.

Appreciate any advice you all can offer. Thanks!