Quote:
Originally Posted by fintstone
Yes. If necessary...but you really want to set it up like an annuity so her money is returned over time...
In my case, the loan is long paid off and her financial situation is much better now as she has inherited a bit from her mother and aunt.
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The OP's situation may be entirely different. If any siblings are involved it can get nasty really fast if the parent dies or needs long term care.. What collateral does she have for the loan other than his house and his word?
I know of a similar situation where parent died very unexpectedly and the two siblings wanted their shares of the estate which included the loan made to oldest brother and were not interested in getting it in monthly payments. That loan pretty much broke up the family for years.
lukeh has the best response. The best way to handle the money is the way that best fits you and your parents situation. There is no easy answer these days.