At 70, a relative offered a $25,000 home loan with a lien due in one year – wise move?
A 70-year-old woman was offered a $25,000 family loan secured by a lien on her home, requiring full repayment within one year. The relative is also pressuring her to downsize and move out of the property. Financial advisers warn that a one-year repayment window is extremely tight and that a lien puts home ownership directly at risk.
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