buying my mom a house

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Amari cooper spent big to take care of his mother this week, buying her a house and new car to express his gratitude. Before Cooper starred for Alabama and the Raiders, Michelle Greene raised him.

My husband and I want to buy my mother’s house from her. She bought it a few years ago and still owes about 140k. We don’t want to go through a real estate agent, because they will charge my mother for "selling" the house. Is there any way to just transfer her loan to us without using an agent?

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Some people buy their parents a house without taking a close look at their own long-term savings goals, laments Wright, adding that some people dip into their own 401(k) or IRA to purchase the property. If you gift the property to your parents, you may have to pay a gift tax.

Dear Amy: I am a divorced mom. I raised my four kids pretty much on my own. Dear Amy: I am a mother of two young kids and.

My thinking is that this benefits everyone because with our combined household incomes we would hope to have the house paid off by the time my mother retires at 67, giving her a secure and paid off living space to retire in, and setting me and my wife up to own it as a paid off rental property after my mom.

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“For many young people,” continues Weliver, “buying a home is the biggest incentive they have to save money and build a good credit history. If they know mom and dad will just make sure they have a home, they might not be as inclined to develop those good financial habits.” There are many lessons that a parent can teach a child.

In the market to buy a home? Visit Bankrate.com for tips and advice about buying a home and finding the best mortgage rates.. if Mom plans to continue living in the house after you buy it, this.