Long story as short as possible, advice really appreciated! Currently in probate in HCOL SoCal for the family home that has been in the family since 1950. Due to 20+ yrs of hoarding and deferred maintenance house is in rough shape and small under 1,000 sq feet 2+1 but on a well sized corner lot. Unfortunately family member took out a Reverse Mortgage and about 315k is owed. Probate has valued property at 700k but we did receive an is offer for 900k (currently expired but we could try to reopen negotiations?). In a perfect world we would love to keep and renovate the house to eventually move into, while keeping our current mountain home as a vacation or rental or maybe sell but its a much slower market. We have been advised that we need to get a hard money loan to pay off the reverse mortgage so we can close probate and then refinance to a traditional loan but that since it’s technically a 2nd home it would have to be a 15yr loan and we would need to put money in to get it to pass inspection. This plus the increased cost of construction and difficulties even getting a crew in the greater LA currently means we could be carrying both houses for a few years and the hard loan for possibly a few more months then we would like. We could stretch to afford it but it would be really tight. But if we hold on to the house and get it up to date it could be eventually worth 1.3-1.5. Is there a better way to do this? Or do we just sell and try to invest whatever is left after probate and agent fees and the Reverse Mortgage company all get their cut? Please help! 45 and still working on learning adulting!