With the numbers you gave, there is not a lot of room to pull equity out. FHA loans can do cash out to 85% (you are already at 80%) but the closing costs alone would eat up most of the difference and you would increase your payment considerably with the addition of mortgage insurance and your principal balance with the mandatory fees. You may be able to find a HELOC to 90% but again, it's probably not the best idea. If your numbers are accurate, then it's probably not in the cards or in your best interest to do a cash out refi.

Hello Elliot,Based on your information provided, your mom is currently at 80% loan-to-value. The FHA cash out refinance program is maxed at 85% loan-to-value, which most likely would not be enough to get you the cash out needed plus covering the closing costs. In regards to a new second mortgage, most lenders who are still offering home equity lines of credit or home equity loans are maxed at 80% combined-loan-to-value. Therefore, at this time, there's not enough equity to refinance. Thank you for your question!

Is she in a FHA program or conventional program?