My daughter purchased a home from me and received a mortgage for 3/4 of the value; I held a 2nd mortgage on the balance and we worked out our own payment schedule to assist both her and me. If you would like further info on what we did, contact me...Gail@GailGladstone.com...we are also in Huntington.
I have done this before and could help you save lots of money.
If I can help let me known what
If you have additionalquestions you can direct them to me.
My Direct # 347-813-1290.
Here is my website http://fajardodelacruz.realtors.officelive.com
or my e-mail email@example.com
Hope to hear from you soon.
There are many ways you can work this out, given the fact that you have open communication with your relative. Renting to buy is a great way, with a percentagve of your rent used to build up a deposit going towards the purchase of the property. There are also ways to gift equity, but you should really use the professional help of an accountant and lawyer in this matter once you have worked out the fact your inlaws want to make this happen.
If you want to expand on any of the above thoughts, please contact me at your convenience.
Very truly yours,
Douglas Montgomery, Broker/Owner
HomeNY Corp. Douglas@HomeNY.com