How many folks, especially in today's economy, have resources enough to help their children? We were helped by parents, we paid them back right away, and we fully expect to help our children some, and hope they will pay us back promptly. Not everyone can do that, but it is nice!
Great post, Barbara!
Remember when you bought your first home? It was such a wonderful moment. Of course, prices in the mid ‘70’s, when we bought ours, were fantastic compared to now. We needed some help with the down- payment, and my parents loaned us the money. We repaid every penny.
Today, it’s a magic act for young people to get started with homeownership. The costs are astronomical. More are renting and missing the opportunity to take advantage of the low housing prices and low interest rates.
Some parents are not willing to participate in helping their children financially, and that’s a personal decision. There are ways to accomplish the goal of helping them achieve homeownership. There are second mortgages that can be recorded after the closing to protect your investment.
If the home is sold, your money is paid in full plus interest. If the home goes to foreclosure, you have a tax write off. It’s worked for me and my children. Have you thought about helping them take advantage of the incredible interest rates and housing prices? Everyone can make a score.
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