Mom is in her mid 40s and wants to cash out 401k, about 30k, to add a small studio to her house she can rent out, she estimates for about $500 a month. I am trying to convince her it is a bad idea. She seems to be set on going this route and I told her its probably better to take out a small mortgage on her house since it is paid for but she does not want to take out any debt as shes burned out from working which is why she is trying to get a secondary income. I was thinking of offering to take on the mortgage and I could get a percentage ownership on the house for when it is sold but I am saving for a downpayment for my first home and in hcol area so I am not sure if it is a good idea. Is me taking the mortgage a bad idea? Any suggestions or advice are appreciated, thanks!
Submitted December 01, 2021 at 08:59PM by midsandfeed https://ift.tt/3GmvWYb
