Ok, I'm considering renting out my house to a family member for a year to help me facilitate some things.
While we would have a formal contract and cover all the legalities of it, it would be pretty hush hush from that, payment in cash, with a receipt given at time of payment.
Basically I'm helping her out and she's helping me out, but I do NOT want to cause ANY ISSUES with my mortgage company or homeowner's insurance.
I've reviewed my mortgage documents and I could only find two papers regarding occupancy, and both stated that I only had to occupy the residence for AT LEAST the first year, which I have since I'm going on my third year here, nothing else mentioned in regards to renting or whatnot.
So does that mean I'm in the clear? Because I've heard/read about stories where people are renting their house out and their mortgage company finds out and they call their mortgage, meaning they have to pay it off in full, not something I want to do because I have an awesome rate and am fine with my current mortgage.
So, any real estate people here, or mortgage people or lawyers?
Basically I don't want to do this and have it backfire on me, I'm doing it to give someone a place to live for a year, and to save myself about $12,000 so that I can pay some shit off and save some money.
Thanks
Edit: I don't really want to call my mortgage company quite yet, I'm trying to get an idea beforehand.