[Teira]

to take out a new mortgage? Ok, here's the deal. My grandmother is 79 years old, handicapped, and with a recent history of health problems. She's currently on Social Security but recently made 150k when she sold her house. She now wants to buy a house in another state in order to be closer to her sister. In spite of her age, she wants to buy in order to leave property behind for her heirs, instead of throwing her money away paying rent. Most of the homes she likes are in the 200k range. I have suggested she only put 50k down and apply for a 100k mortgage so that she at least keeps a 100k cash nest egg. The concern is given her age and other circumstances, do you think she can realistically get a bank to issue her a 100k mortgage?Ooops...I meant to say will a bank approve her for a 150k mortgage...not 100k.