Hi all,
Thanks to this site I was able to get my finances/investments in order and decided I had more than enough extra savings to start helping my parents pay for their mortgage. I recently got a raise that would cover almost 100% of it. Their condo is under my name because they were unable to get a loan after the recession. $50,000 is the balance currently, 3.125% interest, originally 15 year loan and 11 years left to payoff, at $550 a month. I don't think I will be paying any extra principal with such a low interest rate with 11 years left. They have helped me many times in the past financially so I feel it is my turn to help them. They are in retirement age, hard working immigrants and still continuing to work because they came to this country late in life as immigrants. I know this is more of an investment forum but I feel this is also a financial accomplishment in a different way.
J