Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The answer is yes if the parent has limited financial assets or needs day to day assistance.
The answer is also yes if you all get along and have financially independent lives. That is, you can also move out if it does not seem to work out.
In the case you mentioned the answer is no. Not knowing your finances, if you could I can see helping them out with the purchase of their home. Maybe you buy it as an investment and rent it to them. I think I would do something like a rent to buy so at some point the title passed to them. I am assuming it would act as a tax shelter for you so check that it will.
I could also see a loan (record the mortgage) but if you do that be prepared to just forget the funds if they can not pay you back.
Your post gave me some concerns on how financially responsible they maybe.
I know second hand one couple that move back North to help out. Did not go as planned so be careful.
I just went through some of the comments and saw yours.
To protect your investment you would give a mortgage. This would probably follow a first mortgage on the home from a commercial lender. You would want some type of legal document incase they get sued and lose.
If you go through with this putting the home in a trust might solve your estate wishes. May also give all of you some liability protection. If your state has a homestead exemption or something similar be sure you title the home so that you can benefit from the homestead.
Do not put yourself on the hook as the primary on the mortgage unless you are willing and prepared to be 100% responsible for that property and its payments - you cannot count on their verbal agreements and plans. If your name is on it, it is yours and your responsibility.
Our "kids" are now planning their own retirement. They are more affluent than we are, so finance is not an issue. They will be able to buy a home for cash.
I will not live in a multistory home and neither will my wife. I intensely dislike the cold, so no place cold will be considered.
We shall see how it works out.
Nope. You don't have to start a family feud over it, just say you're not ready for that yet but maybe someday. Not right now. If she gets pushy tell you her you've discussed it with your husband and the decision has been made. Then tell you her love her and ask her when she's coming down for a visit.
Ask permission to come upstairs? Even at Thanksgiving? I'd be packing my bags and waving goodbye to them! They learned this awful behavior from somewhere. Sad.
Isn't that awful? She has no money and no place to go.
Isn't that awful? She has no money and no place to go.
That’s so sad! Just having to ask to be invited to Thanksgiving is beyond ridiculous. They only have that house because her. They should be kind to her.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
