So here's the deal... My parents are splitting up. They own fully paid off home in a rural area worth maybe $500-550K.
Mum also has an inheritance (100K perhaps, but might have to give half to dad), ? super (not much) and access to half of dad's defined benefit super (she would get approx 30K a year from this on my guesstimate)...
Mum would like to move to Melbourne, but half of 500-550K is not going to buy her anything there.
Hubby and I are in a pretty good place financially, but she would prefer not to be a "burden" on us.
I'm trying to think of innovative ways we could help her without being out of pocket long-term (not because I'm not willing to help directly, but because she won't accept it).
- Are there any financial institutions which would lend to someone in her position, perhaps in a shared equity fashion, if we went guarantor?
- Potentially we could make a loan to her directly which can be paid back via her will.
- Perhaps we could buy a property that she could rent to own.
- We have an unrenovated, paid off investment property (a former PPOR) in a prime area. Perhaps she could pay for a reno on it in return for life occupancy rights and/or a share of ownership (would spark capital gains tax for us, I imagine).
- She could buy something she can afford to rent out and rent herself.
- She could loan us the money to renovate the unrenovated former PPOR interest free or at low interest and, in return, live there rent free while we pay her back?
- Try to buy a subdivisible property with her, then sell off the back yard - leading to lower price for her home.
Any other ideas people?
Mum also has an inheritance (100K perhaps, but might have to give half to dad), ? super (not much) and access to half of dad's defined benefit super (she would get approx 30K a year from this on my guesstimate)...
Mum would like to move to Melbourne, but half of 500-550K is not going to buy her anything there.
Hubby and I are in a pretty good place financially, but she would prefer not to be a "burden" on us.
I'm trying to think of innovative ways we could help her without being out of pocket long-term (not because I'm not willing to help directly, but because she won't accept it).
- Are there any financial institutions which would lend to someone in her position, perhaps in a shared equity fashion, if we went guarantor?
- Potentially we could make a loan to her directly which can be paid back via her will.
- Perhaps we could buy a property that she could rent to own.
- We have an unrenovated, paid off investment property (a former PPOR) in a prime area. Perhaps she could pay for a reno on it in return for life occupancy rights and/or a share of ownership (would spark capital gains tax for us, I imagine).
- She could buy something she can afford to rent out and rent herself.
- She could loan us the money to renovate the unrenovated former PPOR interest free or at low interest and, in return, live there rent free while we pay her back?
- Try to buy a subdivisible property with her, then sell off the back yard - leading to lower price for her home.
Any other ideas people?