Hi, Firts time poster, i hope someone has come across a similar scenario.
Ok.
My parents are retired and on the pension. They have a main residence and an investment property. They paid $40K for the investment property in 1992 and have lived in it for 9 months back in 2001, current market value $320K.
They want to help me but we have hit some hurdles.
My idea was to borrow $160K against the property, pay my 2 brothers $40K cash each and spend the rest on the property (Extensions) so myself and kids can live in it. The poblems my mother has raised, she knows a little but is pretty straight up and down is that if they do that, they will lose pension money etc and all these other hurdles she kept on bringing up.
Anyone have any ideas that i could put to her. They are only netting atm about $20 a week from the property after repaymenst on a small loan she has kept against it to offset the rent received or something.
Thanks.
Ok.
My parents are retired and on the pension. They have a main residence and an investment property. They paid $40K for the investment property in 1992 and have lived in it for 9 months back in 2001, current market value $320K.
They want to help me but we have hit some hurdles.
My idea was to borrow $160K against the property, pay my 2 brothers $40K cash each and spend the rest on the property (Extensions) so myself and kids can live in it. The poblems my mother has raised, she knows a little but is pretty straight up and down is that if they do that, they will lose pension money etc and all these other hurdles she kept on bringing up.
Anyone have any ideas that i could put to her. They are only netting atm about $20 a week from the property after repaymenst on a small loan she has kept against it to offset the rent received or something.
Thanks.