Yes, but: 1. You cannot do it for fraudulent reasons (e.g. scamming your siblings out of their share) 2. You and your parents must be mentally competent 3. You cannot do it as a fraudulent method of tax evasion (see #1) 4. Even if there is no tax.
Buying a home for your parents to live in is basically buying a second home with another mortgage added to your monthly bills. That can be difficult to do, though there are two other options if adding another mortgage bill to your finances isn’t possible.
Your parents could even sell it to you at a price equal to the mortgage balance, bearing in mind, there will be stamp duty and conveyancing costs for transferring ownership, just like a normal sale. The benefit of a favourable purchase is that you can avoid the costly expenses of a real estate agent.
The final option is for your parents to buy a property in your name or through a trust. This allows you to live in the home while your parents face the responsibility of paying off the loan.
life-altering purchase like a house, even if your parents can help with a down payment. If they/you can buy a house outright, then yeah, go nuts on your piece of the American dream. But if you’ve only.
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Even so, don’t buy your new car on Black Friday. Wait a month or so. Sure, there will be Black Friday deals on toys, but.
Refi For Bad Credit While personal credit scores are just one of the criteria lenders look at, bad credit can hurt your loan approval. To avoid a hit to your credit rating, see if your child can refinance the loan.
You are getting some very wrong advice on here, which is par for the course for quora real estate advice. 1. Getting a mortgage. On a home less than $50K, that may be very difficult. Most lenders don’t write mortgages that small, those that do, ch.
I’m not sure if it’s different for every state, but where I live, you can buy your parent’s house for "fair market value", and be fine, but if your parents want to transfer the deed to your name, with an exchange of say 10 dollars, and they would have living rights, it would have to be in ‘your’ name for five years, otherwise, if either of them would have ti go to a NH, the state can still.