Author Topic: Helping parents  (Read 2594 times)

DBV1985

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Helping parents
« on: October 14, 2016, 08:44:38 AM »
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

Hotstreak

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Re: Helping parents
« Reply #1 on: October 14, 2016, 09:35:17 AM »
Awesome!  Whatever it is you want to spend your money on, it's great that you have enough to comfortably do so.

human

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Re: Helping parents
« Reply #2 on: October 16, 2016, 06:19:32 AM »
Not a lot of context to give a detailed perspective. How old are they? Do they blow their earnings at the race track or send it all back home? In those cases you would be subsidizing those endeavours.

Do they have enough to retire now if they pay off the mortgage? Do they actually want to retire?

I think it's noble that you want to pay off their mortgage but if it were me my big question would be then what? With my family it would be opening the floodgates to all kinds of other stuff, hey what about my car and cigs?

Metric Mouse

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Re: Helping parents
« Reply #3 on: October 17, 2016, 11:22:59 PM »
Awesome!  Whatever it is you want to spend your money on, it's great that you have enough to comfortably do so.

+1.

There are much more selfish things to spend one's money on than family.

marty998

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Re: Helping parents
« Reply #4 on: October 18, 2016, 02:22:03 AM »
Not a lot of context to give a detailed perspective. How old are they? Do they blow their earnings at the race track or send it all back home? In those cases you would be subsidizing those endeavours.

Do they have enough to retire now if they pay off the mortgage? Do they actually want to retire?

I think it's noble that you want to pay off their mortgage but if it were me my big question would be then what? With my family it would be opening the floodgates to all kinds of other stuff, hey what about my car and cigs?

You've completely missed the point of the thread. The OP is not asking you for his opinion on whether it's a good or bad idea.

The OP is trying to say that he has got his shit together and by being in a "position of strength" he is able to be generous to his family.

(Well done DBV1985, by the way)

Mel70

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Re: Helping parents
« Reply #5 on: October 18, 2016, 10:48:52 AM »
Good for you! I like that you are helping them since they are hard-working people and continue to support themselves. Also, they helped you in the past.

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

DBV1985

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Re: Helping parents
« Reply #6 on: October 21, 2016, 08:53:26 PM »
Thanks everyone! Yes, it just feels great to be able to contribute to the family. After all I did live free at home for a lot of my college years. Next goal is to figure out their finances so that they can work less and enjoy their retirement more.

J