Hi All
My grandma is looking at a Reverse Mortgage so that she may make some repairs to her house (there are major roof/electrical issues).
She is 75 and owns her house outright in WA which is worth around $800,000 - $900,000.
The one thing that she doesn't like about a reverse mortgage is that the debt basically increases over time.
I am looking at buying a 5-6% (repairs guesstimated at $50,000) share in her house. This would give my grandma enough money to make the necessary repairs.
Repayments are looking quite small, however, would I be able to claim the interest as a tax deduction? I do not live in the property and I do not expect her to pay any rent.
Thank you
Regards
Kyle
My grandma is looking at a Reverse Mortgage so that she may make some repairs to her house (there are major roof/electrical issues).
She is 75 and owns her house outright in WA which is worth around $800,000 - $900,000.
The one thing that she doesn't like about a reverse mortgage is that the debt basically increases over time.
I am looking at buying a 5-6% (repairs guesstimated at $50,000) share in her house. This would give my grandma enough money to make the necessary repairs.
Repayments are looking quite small, however, would I be able to claim the interest as a tax deduction? I do not live in the property and I do not expect her to pay any rent.
Thank you
Regards
Kyle