My sister and her husband bought a new home with my parents, they both put in money for the down payment, my sister and her husband pay all the monthly payments (mortgage, gas, electric, phone, taxes, insurance). My parents do not have a lot of money, with social security they have a small savings and they spend most of their money on prescriptions. Currently they are physically mobile and self sufficient. Unfortunately, with the economy so bad, my sister lost her job and they are now all in financial trouble. I will be helping out financially, but I can not make up the difference in her salary.
They have to make a change into a less expensive situation, does anyone have pros and cons of various housing arrangements? E.g. a duplex or two family owned by my sister and her husband and "rented" to my parents or a dual ownership situation or other suggestions?
Obviously, everything about this is sensitive.
Hello,
The first thing that comes to mind is renting for awhile. I know it sounds like a huge hassle, especially since I'm sure the end goal is to own again. But I wonder if the financial stress of owning will outweigh the hassle in possibly moving twice.
Good luck!
