When I was younger and my family lived with me, I owned a house, now that time has moved on, and my children have their own houses, I sold my house and am now currently living in an apartment.
My financial situation is not the best, but I was wondering if it would make sense to try and buy a house and pay approximately the same on the mortgage as my current rent. I'm seventy-two but I don't want to waste my money when it could be passed down to my children.
I realize that I will most likely pass before I can pay off the mortgage, but would it be a wise decision anyways? I don't know much about laws, but I'm assuming that my children could either sell the house or keep it as long as they continue to pay off the mortgage is this correct?
My financial situation is not the best, but I was wondering if it would make sense to try and buy a house and pay approximately the same on the mortgage as my current rent. I'm seventy-two but I don't want to waste my money when it could be passed down to my children.
I realize that I will most likely pass before I can pay off the mortgage, but would it be a wise decision anyways? I don't know much about laws, but I'm assuming that my children could either sell the house or keep it as long as they continue to pay off the mortgage is this correct?