I need help writing a loan contract.
I'm going to loan my brother a large amount of money to save his home. We are both seniors and love each other dearly, but he is just terrible with money and has no income other than SS. I don't think he could afford to make any payments even on an interest free loan, but nonetheless, I don't want to call this a outright gift. It would really upset me if he had the wherewithal to jaunt about on vacation or buy a new car without paying me back whilst I'm doing without.
I do understand that he probably will never be able to totally repay the loan before either of us might die, but I want to perhaps try and recoup at least some of it. Like if he does come into some money or sells his house in the future, then I think a significant payment should be made toward reducing the debt owed. The whole thing sounds odd now that I've tried to write if out, but I'm hoping someone can help me compose a personal contract to formalize some sort of an agreement?
Please PM for details if you have a question.
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