wrote:

This is a little OT, but I am going to take over the mortgage on my
son-in-law and daughters house as I can get more interest from them
than on a cd and they will get a lower rate from me than they can get
at a bank. (5%). What is a good, cheap way to get the mortgage forms,
and what are the different pieces of paper called. It has been a long
time since my wife and I had a mortgage and I am rusty on all the
various names.

TIA

Bob Hofmann


This is a risky proposition! You have to consider what happens when
your son-in-law/daughter can't pay. Do you let it slide? Create a
fuss, awkward situation, or family resentment? A CD is insured,
what you are proposing is not! If you want a fairly safe investment
in real-estate, then consider an AAA-rated GNMA fund and backed by the
US government. If you still want to float your daughter a loan, get a
real-estate lawyer to draw up the paperwork, and maybe we can watch
y'all on Judge Judy!