My Dad had a Rem. 550-1 and it was my favorite rifle growing up. It was extremely accurate with it's 24" bbl. and iron sights. It's secret to chambering s,l,and lr ammo was it's floating chamber. It was extremely reliable and well put together. If you don't have the user manual you can buy one through Radocy. Just racking the bolt and dropping the trigger felt like closing the door of a Lexus. It didnt have a fancy stock, maybe walnut? but without checkering. I still have the gun and it's still clean and very functional. I saw one at our LGS listed at $250. I always liked the tube under the barrel v in the stock. I also have a Winchester M74 with the latter stock tube.
A friend of my Dad's had the Mossberg 151K---I remember the finger depressions in the pistol grip. As I recall, the Mossberg was also very accurate and reliable.
Keep both these rifles in the family--your sons will appreciate it.