She going to rent it back from you while she lives there at current market rates, you doing really long term lease? Who is paying Taxes, insurance, all other costs? Hopefully she has many years of health ahead but what if she lives to 95 or 100 and can stay home? Are you ready to lock up your money for 20-25 years (that is what she would be trusting you to do). How do the other 5 feel about you "swooping" for this deal. Some may be upset that they were cut out, their perception will be their reality.
If she has limited resources now and sells home to you, how will she be able to move into a facility later? The facilities that one gets into whit little to no extra resources are usually not the best. Again, how will the group feel about this when it happens and your there with the house?
Just not sure it will be about just the two of you when it is all said and done, if you're going to go through with it you better get everyone involved.
There are saying about business with friends and family, there good reasons those saying exist! My answer at this point would be no, but add info and change my mind.
BTW the reverse mortgage may be better for her in this situation, especially if she gets wise advice on the proceeds.
If she has limited resources now and sells home to you, how will she be able to move into a facility later? The facilities that one gets into whit little to no extra resources are usually not the best. Again, how will the group feel about this when it happens and your there with the house?
Just not sure it will be about just the two of you when it is all said and done, if you're going to go through with it you better get everyone involved.
There are saying about business with friends and family, there good reasons those saying exist! My answer at this point would be no, but add info and change my mind.
BTW the reverse mortgage may be better for her in this situation, especially if she gets wise advice on the proceeds.
Statistics: Posted by Atomsplitter — Mon Apr 08, 2024 2:06 pm — Replies 4 — Views 196