This was my mother's home in Florida. She died and left it to me via ladybird deed. It has about $40,000 equity. I have been paying the mortgage out of my bank account for years - since long before she died. But because I am not mentioned on the mortgage, the lender won't even talk to me. I have been renting the place for years, so everything is cool for the moment. But I really should get this squared away. If I could somehow get access to that equity and take a loan against it, that would be excellent. I want to keep renting the place for now.
What I would really like to do is to take out a loan (I owe something like $30,000). I would pay off the mortgage with it and then pay the loan off in place of the mortgage. The interest rate on the mortgage is like 6.5 or something. Is this a reasonable plan? Could I really get a loan that pays off nearly the same as a mortgage?