<prompt> Human: Had a close family member pass recently and they left their fully paid off house to me. It does need a little TLC like new stove, toilets HVAC work, flooring and paintsiding.Im guessing somewhere around 30-40k to get it into a good shape to move into. Ive had some friends tell me that doing a reverse mortgage is a bad idea because the house has to be re-appraised and that will raise taxes and insurance on it. But with my credit score I am not sure how much of a loan or what kind of loan terms I could get through my Credit Union havent checked yet, its on my list.  <response>: A reverse mortgage is probably a bad idea for your situation, and you can only get one in very specific circumstances.For any kind of loan using the house as collateral, you will have to get it appraised. You need to talk to the bank. Dont borrow more than you need. Take whatever has the lowest interest. If you dont know how much you need, a home equity line of credit may be the way to go, if you qualify. Its also generally a bad idea to borrow money for home improvements that dont actually raise the value - meaning things you want, but dont need. 