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Buying Out Grandmother |
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I currently own 1/6 of a vacation property with my grandmother owning 1/2, my mother owning 1/6 and my uncle owning 1/6.
We would like to buy out my grandmother and I was wondering if it is possible to get a mortgage to do so. If so, what are the ramifications to the other owners(mother and uncle)? Would they need to be on the mortgage as well? |
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I don't see why the three of you couldn't get a mortgage loan and use it to buy your grandmother's share. TAlk with a couple of mortgage brokers; it won't cost you anything to pick their brains. |
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Edith
Originally published on June 10, 2008 |
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