Thanks for the suggestion. My parents do want to collect a little bit of interest which I am totally good with. So currently looking into a recast since source of funds isn't much of a concern with those.
I think your parents could just gift you the money now. Tax free to everybody. I believe they just need to,fill out an additional tax form documents the “big gift” so that amount can reduce the “tax free inheritance ceiling” when they pass.
And then when you do,your mortgage stuff, they might ask for a note from your parents indicating the 350K is a true gift, and does not need to be paid back. I imagine a mortgage company would like this better, than you having a mortgage and yet another loan to be paying on.
Would this be easier for everybody?
Statistics: Posted by Havertzian — Tue Nov 05, 2024 12:38 am — Replies 7 — Views 852