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Reply to "Question for those of you whose parents helped with a home purchase"
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[quote=Anonymous]My mother was the mortgage lender on our house. She insisted, as she had the money and wanted us to be 'paying it to ourselves' in the form of eventual inheritance, as opposed to the bank. We had a mortgage document drawn up using the family loan interest rate (there's a table online somewhere) and paid her monthly (principal and interest only - we paid insurance etc on our own). It was never a problem in any way. She did pass away before the term expired (we did it as a 9-year balloon and planned to discuss the terms at that point) and we inherited the house outright. [/quote]
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