mother and mother-in-law?

trish: mother and mother-in-law?
My sixty year old mother-in-law moved from Tennessee and into our home in Louisiana early January. She found a job at a bank clearing three hundred dollars a week. The only saving she has is fifteen thousand dollars. Now I have my fifty year old mother who can’t afford her house any longer. she is unemployed and does not have any saving at all. I was thinking of purchasing a condo for $ 120,000.00 down the street from my house and renting it to the both of them. I was wondering if anyone has any advice. My Husband thinks it’s a bad idea, he thinks that we will be taking on that note on top of our mortgage. We can’t afford to pay both notes, but I don’t know what to do with the two of them. Please respond to the digest. Many thanks.

Answers and Views:

Answer by didido
wow, that kind of sets a red flag off in my head……………i don’t think you should do that. can you help your mother in law to find seniors housing? then you can help your mom by having her stay short term with you until she can find a job and afford her own housing???? my folks found very nice very affordable senior citizen housing that they are quite happy with. just remember, one day you will be the one who needs to retire, don’t burden yourself financially. there are other ways to help your folks.
good luck to you!!!!

Answer by sonofagunk
If the two of them can afford the rent to cover the mortgage, then that is ok.

Answer by CAS
Perhaps instead of purchasing a home If they can afford to have them rent a place. Just remember they both raised you and your husband took care of you housed and fed you probably until you were 18 years old. sometimes the tables turn and it is your turn to be a caregiver try to do it with an open mind and a loving heart. Good Luck