M
minto109
Guest
My parents own their own home (worth about £140, 000). All 3 of their children have since moved out & now own their own homes. Our parents are 59 and 60 years old and have part time jobs that just pay the bills. They want to release some or all of the equity of the house, but remain living in the house - so that they can enjoy the remaining years at home together. Myself & my two sisters have discussed the possibilty of buying the house from them (as joint landlords, as such) to enable this to happen. We would take an 'interest only' mortgage out on the house. They would pay us rent using some of the equity, to cover the mortgage.
Has anyone else done this?
Are there any smarter ways of doing this to lessen the impact of Tax, stamp duty, etc?
Are there other mortgage options?
I would assume that £140, 000 in my parents account would not work in their favour when the time comes for their pension to be calculated or if one or both of them were to be taken into care. Any suggestions?
Has anyone else done this?
Are there any smarter ways of doing this to lessen the impact of Tax, stamp duty, etc?
Are there other mortgage options?
I would assume that £140, 000 in my parents account would not work in their favour when the time comes for their pension to be calculated or if one or both of them were to be taken into care. Any suggestions?