Background info: My husband (28 years old) and I (26 years old) live in North Carolina. He is currently in an expensive doctor of physical therapy program and will graduate soon with $150k or more in student loan debt. My student loans are nearly paid off and I work in education, about $42,000 a year. No other debts, not even car loans as of right now. We have been long-term renters due to multiple college moves and still unsure of where we want to live in the future.
My grandma (75 years old) has offered to put my name on her deed, as well as in the loan for the house which she currently owes around $50k. She wants to do this so that she can qualify to place my grandpa (78 years old), her husband, in a nursing facility as time is nearing for this, and she will likely also go to one in the future. She would continue to make payments for the home loan for the time living there to me. She is trustworthy for this and we all have great credit scores. The home is worth about $125-130k. Is this worth it? I imagine we would sell the home after my grandparents transition to nursing facilities, or after they pass away. I am mostly worried about my income to debt ratio affecting me in any way, especially if we decided to buy a house in the near future while having the loan tied to our debt.
Submitted October 30, 2018 at 07:49AM by dalmationglaux https://ift.tt/2qkI8Ug
