My wife and I recently moved to an expensive area of the US for her job, the school district and other reasons. We are currently living with my wife's mother, in her house. After a recent divorce she now owns the entire house but has to pay off a loan she needed to pay out her ex-husband.
We are not sure how long we want to stay in this area. We are both in our late 30s, and we don't need the school district anymore when our children go off to college in ~10 years. We may want to move elsewhere in 10, 20 years or so.
My mother-in-law is already retired and may no longer want to live in this house once we move out, but rather sell it, move somewhere smaller/cheaper/... and use the difference for her retirement.
- we will support my mother-in-law financially to contribute to the loan and upkeep of the house,
- we would like to build equity (not necessarily in this house, could be another one or another form of investment) in some way as opposed to just paying a normal rent,
- we do not want to put my mother-in-law or my wife's sister, who would inherit half the house (?) at the time of my mother-in-law's death, at a disadvantage,
what are our options?
This may very much be a have-your-cake-and-eat-it situation, but maybe there are some good ideas out there.