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Is it wise? 
Started by RuthNoah
01 Sep 2015, 4:08 PM

Hi, I'm Ruth and I'm taking care of my mom's sister and the eldest member in our big family, alive. She never had a serious relation to which she could commit herself, and now she only have me to support her.
She always wanted to have a river side villa to spend her rest of life, and that I know for some time now. I also wished to get her this. Checked with The Financial Forum www.thefinancialforum.ca (Vaughan) on having housing mortgage on her name, but that seems to be impossible.
Now, it seems like I have to take it up, but I don't think I can take full responsibility of it, she said she can help me pay-down the mortgage, but is it safe to do such a deal? For me it sounds good, but is there any legal problems? I didn't mention this to the mortgage providers, as I felt it might go negatively towards my mortgage application. Can anyone help?
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Reply by KathCull_admin
01 Sep 2015, 8:09 PM

Hi RuthNoah

Welcome to the community. Your question came just a couple of weeks after Liam87’s post on Query on Spouse's Mortgage Liam87 too was concerned about mortgage and responsibility. I think you will find some helpful information from others on that thread like Colleen, Oldbat, NatR and Razz.

Are there others in your circle of family and friends who support you and your aunt?

It sounds like a lovely story there – the riverside villa and your desire to ensure it happens for her.  Would there be any part of that story you could share?

Look forward to continuing the conversation.




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Reply by JennJilks
02 Sep 2015, 12:35 AM

This is a big venture for the two of you!
Have you got a bank manager you might speak to? 
My son is a certified financial planner, so look for someone with these qualifications.
 A mortgage broker can help you, too. You have to be forthright with them. 
You'll have to figure out whether you want a long or short-term mortgage, is the place in both your names? You'd have to ensure you didn't lose your home if your relatives came after you for it. 
My husband (the 2nd one!) had a terrible time with his step-family in 2000 after his mom died, all employed in great jobs, who demanded his mother give them her home. It was awful.
Both my husbands have been accountants! :-)
You need to plan all this out. The best thing I ever did was find a real estate agent who was helping me find a place to rent. The landlord didn't trust that I, as a working teacher, could manage it all. I walked away from that. I ended up buying a modest place.
You need a budget and to be certain you can carry it if something happened to your aunt.  

Lawn tractor momma

Financial aside, do you want to do this? Can you do it emotionally?
My hubby cannot do anything mechanical or physical, and it all falls to me. I love riding my lawn tractor. It's all doable. As he says, if anything happened to me, he'd have to move.
All I have are questions! 
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Reply by NatR
06 Sep 2015, 1:26 PM

Hi Ruth,

Welcome to the forum...what great advice and comments from the others who have replied to you.  I cannot add any more insight...but I do hope you can find the right person who can help you through the process.  There is something magical about giving someone their dream - but go into it with your eyes wide open...ask first not later......thats my two cents...for what it is worth...and in Canada...it is worth nothing..ha ha...as we no longer have pennies in our banks....or anywhere.

Best wishes, and glad you found the forum...
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Reply by KathCull_admin
14 Sep 2015, 3:18 PM

RuthNoah, Just wondered how things were going for you. Were you able to make a decision that made sense and felt right for you?
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