Lender will have limits and rules on hold backs and ask for more than the cost of completion if the product allows.

It is not the interest rate that will usually kill the deal (quotes between 10-14%) as you mentioned this is a way for you to short term finance the deal, but its points you will pay on entry and exit of this short term loan product that will cause things to get VERY costly. 

To get the best type of loan product, there is a 6 month seasoning requirement to use appraised value over sales price. 

To distract you from the LARGE fees being charged for this product. 

I am seeing that the older homes needing renovation are cash flowing and more negotiable than a turn key product. 

If she chooses to retire at 65 and stop being productive, then she should reduce her living expenses accordingly instead of expecting the government or her Landlord to make things easy on her.My mom is 76.

My vote is to get a minimum viable product.

Some of the big variables are the product type and thus the likelihood of risk manifesting. 

Hey I'm looking for any creative renovation financing products out there.

When you say over-funded a lot of times people are talking about over funding an IUL which when taking loans against can be a very dangerous product.