I believe they'd want you party to the mortgage and will not entertain this due to your age.- Would they require me to also be party to the loan agreement? Would my age be a barrier here?
- Any issues I may not be considering....want this structured so as to ensure everyone (including my other children's inheritance) is protected?
- Broadly has anyone seen this type of arrangement work previously?
Thanks in advance for any insights
the benefit to my son would be that he gets to leverage a mortgage and we would in effect become partners
benefit here is that it provides an opportunity for me to downsize from my existing home here & free up equity & create a cash cushion in my retirement.........the new house has granny flat type setup I would live in .................the benefit to my son would be that he gets to leverage a mortgage and we would in effect become partners on the part of the house that would be rented out to tenants with me managing this for us both...............50% of the rent would cover his mortgage, my 50% of rent would become an additional income stream in retirement to boost my pension income. It an attractive proposition for us both if we can get a structure that works.
Have you discussed the plan with the rest of your children? You say you want to protect their inheritance, I don't think this is a good way.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?