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OK I’ve got a question for everyone. Over Christmas my friend mentioned that his parents due to retirement / illness are looking to sell their home. He said that the outstanding mortgage is costing them c£1K per month and this will mean that all of their pension would be spent on servicing the mortgage. They are therefore looking to downsize to move to a flat near by. They don’t really want to leave the family home though. It’s on the market at around £210K and they accepted an offer of £195K. Unfortunately for them, the deal fell through 3 days before they were meant to complete and be move out. My question to you is this. Is there money to be made here? But in an ethical manner. There’s the route of giving them say £100K, taking ownership of the property but then they live there rent free until one/both dies. The issue here is that the mortgage payments are c£1K a month – so the mortgage must be quite large. These are all of the facts that I have. I don’t want to pry any more into their circumstances. So what do you think? Is there something that could be done here that benefits both parties? Ideas welcome! -
OK I’ve got a question for everyone. Over Christmas my friend mentioned that his parents due to retirement / illness are looking to sell their home. He said that the outstanding mortgage is costing them c£1K per month and this will mean that all of their pension would be spent on servicing the mortgage. They are therefore looking to downsize to move to a flat near by. They don’t really want to leave the family home though. It’s on the market at around £210K and they accepted an offer of £195K. Unfortunately for them, the deal fell through 3 days before they were meant to complete and be move out. My question to you is this. Is there money to be made here? But in an ethical manner. There’s the route of giving them say £100K, taking ownership of the property but then they live there rent free until one/both dies. The issue here is that the mortgage payments are c£1K a month – so the mortgage must be quite large. These are all of the facts that I have. I don’t want to pry any more into their circumstances. So what do you think? Is there something that could be done here that benefits both parties? Ieeas welcome!