Advice on offering to pay my parents mortgage of 70k

[ppbb]

I wish to pay off my parents house mortgage approx 70k.

My Dad wishes to repay me by means of procceds of a life policy.

What implications are there for both of us tax / etc.

I have the money avail and I have no debt myself.

 

[mf1]

Re: Advice on offering to pay my parents mortgage off 70k

I suppose its as simple as asking why?

Is this to be by way of a straight forward gift to your parents with no strings attached? Or is it anticipated that you would take a share in the house? or that the house will become yours on their death? or is it to be a loan to be repaid at some later date?

mf

 

[ppbb]

Re: Advice on offering to pay my parents mortgage off 70k

My dad suggested that one of his life policies would cover the cost of paying the mortgage and that the proceeds of that he could leave to me.
Now I'm not sure if this is the best financial way to go as my circumstances my change over time and I may want or need some money but for as far as I can see thats not the case and I can do without it so I'm trying to give them ( parents ) more disposable income prior to their retirement which will be within the next 10 years approx and set them up a little bit better.