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dpb

hr(bob) 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.
....

"Good" and "cheap" are basically mutually exclusive.

Don't even consider this w/o legal representation for yourself and I
would strongly recommend the SIL/daughter retain counsel for their
interests in any such transaction besides.

It's not clear whether there's a current mortgage to deal with the
lienholder or this is a new purchase idea, but either will have its own
peculiarities plus whatever else there is that is unique in the situation.

As others note, there are also potential tax issues here -- below market
interest rates are an area the IRS does look at...

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