Residential Loan News
Personal Finance
Thursday January 15, 2009
Q My retired single mother-in-law is on a pension and owns the house she lives in outright. She has only $8000 cash left in the bank and requires funds for a car, as well additional living expenses. The house is valued at $400,000. Is there a way to draw an income/loan out of the house without reverting to a reverse mortgage option? Her living expenses per annum would be about $10,000. Can you please advise on what options are available to her?