This is something I have thought about too as my adult children are still renting at 45 and 41 and I just can't see them being able to buy a house before I die. Considering the high rental costs they have to pay, I thought I could help them both in some way but not sure how as I couldn't afford to buy either of them a house outright.

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I wished I'd known the implications of joint names on a mortgage account. I helped out making the down-payment for a home our son and his ex bought. Verbally agreed (later denied) that they repay when finances were manageable. He is our only child. We owned outright 2 other properties. So helping them achieve home ownership seemed right at that time. It was suggested that my name was also in the ownership of this property to secure the loan. Years later, I discovered that they had only paid interest-only on the mortgage. I needed to downsized when I retired. My credit was affected by this loan. They divorced; she made sure she got every penny in settlement. It is difficult to predict what could happen even when things are going well, with every good intention.

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I am renting back my house that I sold to my son-in-law for $379,000 because I needed the cash. We agreed that when the house is sold, the balance of the sale price is given to me, after paying off the mortgage (still $379.000). I will use the money to go into a retirement village. The house is valued now at about $1,200,00. My son-in -law's never used the property for tax purposes. I have paid all loan payments as rent as well as all maintenance, insurances etc. Does this sound too complicated? Who should we ask?

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