Would it be wise?
Would it be wise?
I was stupid and greedy when I was younger and got some personal student loans when I was younger that have put me into a heavy set of $40,000. The interest rates are horrible and the payments are not easy to pay even after trying to work with the lender. My mom has asked me and my family to move in due to her disabilities and I am finding that she has a laundry list of home repairs and modifications that are needed. She owns her home after paying off her mortgage and is planning on leaving the house to me when she passes.
Out thoughts were would it be smart to get a mortgage on her house and consign it so we can take care if the needs of the house and my debt? Together we pull in a littler over 5,500 with a monthly debt of about 1,200 with car loans and bills. The home is worth $250,000 and we were planning $150,000 as the amount of the mortgage so we can make those repairs needed and consolidate the school an car debts.
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1
If you can afford to pay off the mortgage on time, then the idea is not bad. But you should always remember that taking out a loan just to pay off your unsecured debts may not turn out to be a wise option if you cannot make payments toward the loan.
1
Yes, actually. Only if you can manage to pay off the loan within the time or keep up the payments, should you obtain the loan. Or else, the home will be foreclosed by the lender.