asked

I am about to buy a house and have the 20% down payment. My mother would like to offer me a private loan for some of the purchase amount, effectively reducing my primary mortgage, though my total debt stays the same. I would pay her interest on the loan, which she would use as retirement income. Can I deduct the interest I pay to her for the primary mortgage as I deduct the interest from a conventional mortgage product?

December 5th, 2024

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