Should we let the house foreclose?

My in laws are having problems with their loan. They still owe a lot on the remaining balance and they still have 12 years to pay off the loan. The home is under my husbands name but his mom is co-signer. We wanted to rent the home since they can't afford to pay the loan anymore. We have been paying for the loan for the past 3 years now they always pay a month late. My husband told them to refinance and take his name out. They have no credit and income isn't enough. Now she wants my husband to refinance so she can take 20 to 40k out. She said she only wants that much and will walk out of the house. Is a reverse mortgage the best option here? by sok557 from Phoenix, Arizona. Jan 25th 2023 Reply