Alternative Mortgage Financing

by Private Mortgage And Tax Inquiry

Ask Kate: Alternative Mortgage Financing 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?

Kate Answers: Alternative Mortgage Financing

Dear Private Mortgage And Tax Inquiry, Another Visitor recently asked a similar question about alternative mortgage financing and mortgage interest deductions.

I offered some insight at Private Mortgage Financing. After reading through the pages, please let me know if you have more questions.

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