Alternative Mortgage Financing

by Private Mortgage And Tax Inquiry

I have an alternative mortgage financing question. My wife's family are interested in having me borrow from their Mom's funds (her house just sold) to pay off my mortgage, about $45000 to be paid off in about 6 years.

The interest amount I would pay is less than I pay now -- and less than I can get a regular mortgage for and of course, is more than they can get for regular savings/CD/etc. accounts for her money. We both win. Maybe!

Can I still count that as a home mortgage for my tax interest deductions and my parsonage expense? How would a private loan like alternative mortgage financing report my interest to IRS? How do I make sure it is seen as a mortgage and monthly house payments?



Dear Private Mortgage And Tax Inquiry,

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Alternative Mortgage Financing

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win win
by: Steve

Hey Kate,

This sounds like a win win to me.

Of course, the biggest issue to me is that sometimes families and finances don't mix.

My suggestion is that the family has to create their own written document so that there will be now misunderstandings in the future.

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