We find ourselves in our late 50s with two houses and two mortgages - not ideal, but the down side risk is covered. We have about 70% equity in House A, and a repayment mortgage on the other 30% that will be cleared in 15 years. The rental more than covers the mortgage payments.
We live in House B, having inherited about 60% of the equity, with the other 40% (bought from a sibling) funded by an interest only mortgage that has seven years to run. This house a bit of a fixer-upper, in a good location. It has the potential to increase substantially in value when the housing market eventually recovers, and we would therefore like to hang onto it as a long term asset if possible, although if necessary we can sell it, and buy a smaller property outright with the 60% equity.
We have two young adult children in good jobs, who are not yet on the property ladder. They are interested in buying the 40% of House B that is currently mortgaged, as a long term investment. We appreciate that what's needed here is professional advice, but hope to pick your brains for ideas on how best to approach this.... :D
We live in House B, having inherited about 60% of the equity, with the other 40% (bought from a sibling) funded by an interest only mortgage that has seven years to run. This house a bit of a fixer-upper, in a good location. It has the potential to increase substantially in value when the housing market eventually recovers, and we would therefore like to hang onto it as a long term asset if possible, although if necessary we can sell it, and buy a smaller property outright with the 60% equity.
We have two young adult children in good jobs, who are not yet on the property ladder. They are interested in buying the 40% of House B that is currently mortgaged, as a long term investment. We appreciate that what's needed here is professional advice, but hope to pick your brains for ideas on how best to approach this.... :D