HI,
If some one can help me. One of my old age relative (Pentioner) has a house and have difficulty in mortgage payments. The outstanding loan is £35000 and the current value of the house is Around £70000. She does not want to sell the house. As she have memories with the house and she is 74 years with a good health.
She asked me if i pay her outstanding debt which is £35000 and accept her as a sitting tanent. In this way the house is mortgage free.
What should i do as i really want to help her and which one is better purchase a transfer of equity or cash buy.
Thanks
If some one can help me. One of my old age relative (Pentioner) has a house and have difficulty in mortgage payments. The outstanding loan is £35000 and the current value of the house is Around £70000. She does not want to sell the house. As she have memories with the house and she is 74 years with a good health.
She asked me if i pay her outstanding debt which is £35000 and accept her as a sitting tanent. In this way the house is mortgage free.
What should i do as i really want to help her and which one is better purchase a transfer of equity or cash buy.
Thanks