Their "Multi-Family Solution" is what I use and it sounds similar to what Account Closed described. 

Don't mean to sound harsh but based on the few facts you've described, as a fellow senior I would advise her not to get an expensive reverse mortgage, and I'd want a whole bunch more detail on the "doing renovations" part. 

However, consider the renters point of view, that if you are raising it, you won't be selling the house.

View report*This link comes directly from our calculators, based on information input by the member who posted.Found this deal.

There were 2 offers that we got from the 4 showings we got and each person who viewed the property including the real estate agents told us that the condo has really good lighting and the bathroom and kitchen were really presentable.

There were 2 offers that we got from the 4 showings we got and each person who viewed the property including the real estate agents told us that the condo has really good lighting and the bathroom and kitchen were really presentable.

View report*This link comes directly from our calculators, based on information input by the member who posted.

Old houses like what you described can be money pits unless you are a contractor.  

Having a separate bath was viewed as a convenience, particularly for the help. 

Here is an overview of the deal….100K View of THE DEAL:We own a multi-family lot valued at ~$45K We’ve completed a tri-plex design and current day construction cost is ~$373KI’ve studied and am comfortable with the economic outlook of the market we’re investing (e.g., population YoY growth, unemployment, median income growth, business anchors, etc.)