My in-laws just made an interesting proposal to my wife and I. They’ve offered to pay off her med school debt (~$250k) if we take out a mortgage for the new home they would like to buy in retirement. I know, I know, we’re extremely lucky that they are willing and able to make such a move.
Anyhow, does this sound like a good idea? What should we be aware of moving forward with such an arrangement?
Some details:
New home price would be ~$300k
They would provide the down payment. They have suggested that they could pay some “rent”, but I’d be uncomfortable collecting any for obvious reasons.
This would be our 2nd home. We currently owe ~400k on our 1st (30-yr fixed, 4.25%).
Med loans are also 30-yr fixed at 4.25%.
Thanks for any advice!
Submitted September 12, 2019 at 11:07PM by udonwinfrendwitsalad https://ift.tt/2NellH4
