Agent

Selling home to offspring has its benefits

Upon parent's death, unpaid mortgage debt is cancelled
Published on May 22, 2008

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by CareyBot

SCIN. No, it's not the stuff that covers our body. It's a highly complex legal and financial transaction that may be of interest to elderly homeowners.

SCIN stands for "self-cancelling installment note." Let's take this example:

Your parents own their house but their financial situation makes it difficult to maintain the house. You are prepared to buy the house and rent it back to your parents, but because you currently have your own house, you are unable to qualify for another mortgage loan.

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