What does shared interest mortgage mean?

[JUSTAMOMRED]

What is the name of your state? nv is the state im asking about, I myself live in maryland

Here is the question. My sister and her husband live in Las Vegas. My parents live in Philadelphia and are selling their house to move out there as well. The complicated part is this. My parents only have about 135,000 to buy a home but they cant seem to find anything. My brother in law offered to let them buy one of his homes (he currently has two), meaning he bought it for 250K, and he is paying the mortgage on it, but it appraised at 400K. He is telling my parents if they give him the 135K from the sale of their current home, they can pay him, then if ever they want to sell or he wants to sell, he will be 30 percent owner of the house, so if they get any equity in it they will all come ahead....does that make sense..my parents dont know if that would be a mistake or not to do this.....they wont feel like its totally theirs, but its a very nice house, a pool, etc. and they wouldnt have to worry about condo fees because thats all they can afford. he just asks they split the taxes which are about 2400 a year......does this sound like a good idea? thank you,
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[HomeGuru]

What is the name of your state? nv is the state im asking about, I myself live in maryland

Here is the question. My sister and her husband live in Las Vegas. My parents live in Philadelphia and are selling their house to move out there as well. The complicated part is this. My parents only have about 135,000 to buy a home but they cant seem to find anything. My brother in law offered to let them buy one of his homes (he currently has two), meaning he bought it for 250K, and he is paying the mortgage on it, but it appraised at 400K. He is telling my parents if they give him the 135K from the sale of their current home, they can pay him, then if ever they want to sell or he wants to sell, he will be 30 percent owner of the house, so if they get any equity in it they will all come ahead....does that make sense..my parents dont know if that would be a mistake or not to do this.....they wont feel like its totally theirs, but its a very nice house, a pool, etc. and they wouldnt have to worry about condo fees because thats all they can afford. he just asks they split the taxes which are about 2400 a year......does this sound like a good idea? thank you,
[email protected]

**A: have your parents use the money as a down paymen. get a mortgage for the balance and buy the home outright.