Hey all, my mom owns a condo in California that she bought 7 years ago during significant health problems. She used the money from the sale of her last house to buy the condo outright and has really enjoyed the financial freedom that the reverse mortgage has afforded her. Now, she’s healthy and I’ve entered my mid-career and her and I are both working full time jobs making good consistent income. We’re thinking to refinance the reverse and pay off the house completely, then use any equity in the home as a down payment for a new house. Can anyone give me advice on how that might be possible? How do we proceed?
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