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How does a family mortgage work for their kids?

Dec 17, 2007 by chipdoo | Posted in Renting & Real Estate

Is it possible for a parent of a married couple to take a loan or a mortgage from a parent for, lets say $300k or so?
Is this possible? How does the interest rate work? Is it determined by the lender (the parents)?
Would this be a good

Yes, what you're asking for is a private mortgage. The rate is determined by your parents, and you should definitely use an attorney and an accountant. They'll help you figure out what the amortized payments are. Its not really a good or bad thing. The

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