“Maybe A Little Premature?”
Hello Joe,
My husband and I purchased our home in Florida, you handled the mortgage.
I’m from CT and own 1/4 of the home I grew up in. My mother is 90 in good health and living in the multi family home currently, the house is paid in full.
My question is when the time comes would I be able to get a loan to buy my siblings out? We just purchased our home in Florida in 2016. I am 57 years old and would love to buy the house for investment.
I’m sure there is much more that you would want to know but I do look forward to hearing back from you.
I would like to be prepared however that may be financially to be able to purchase the house and would like some of your advice.
I sent a list of 24 questions, most of the answers came back with an answer of “not sure”. The most important question being; Do any of the other siblings have an interest in acquiring the property once your mom has passed?
After a few days the answer came back that two of the other siblings want to purchase the property. I let her know that she will need to come to a meeting of the minds with the other family members, but once there is an agreement I would be delighted to do a mortgage on the property.
Image courtesy of cooldesign/freedigitalphotos.net
