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Adult Children
Reply to "Buying Property for Young Adult Children"
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[quote=Anonymous]Our in-laws lent us down payment for our first house and had us sign papers it was loan. Our bad in that there were no specific terms discussed other than don’t repay until You can refi after appreciation. When we refinanced two years later and asked amount to repay they decided it was only fair to calculate ‘what they would have gotten if that money had been invested’ - calculated using an above market return. Again - our bad we didn’t get details. Foolishly assumed they’d match market mortgage rate or honestly give us a deal. (They are very well off.)! Yes - helped us get foot in door on nicer house than we could have afforded but left really bad feelings in my mind. DH not phased but I would not use my kids as easy marks to make $$$. In the end we would have done better getting lesser house at good mortgage and cashed in equity and moved.[/quote]
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