Reply to First world problem alert, advice on large loan from family

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here. It is all kind of informal - we are basically borrowing from a pot of money designated for future inheritance and working with siblings (one member of older generation is still around but not interested in dealing with money matters). I guessing if rates drop the family members would allow us to "refinance". The other siblings have or have been offered similar deals to buy homes so it is a bit of an honor system.

As far as pre-payment, would we be allowed to or could we afford to? I am sure if we wanted to write a big check towards the loan every so often no one would stop us.[/quote]

This sounds like a disaster.  Is this honor system really going to hold together for 40 years?[/quote]

I guess no way to know but I hope so? Siblings wanted to give us the money flat out with no interest involved, money manager guy had to step in and say that we had to have interest for tax reasons. Sibs also have taken loans from the pot of money.[/quote]

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