should I pay off my parents' mortgage

0.10 Dollars($)

My parents are having a home which has almost $70k left to be paid. They are running through tough times in paying off the debt. I am in constant touch with them though I stay away in a separate house. I have some savings in my bank account and 401k plan which can be utilized to pay off the mortgage for them. Should I do that as they are not eligible for the reverse mortgage?

blue · Posted: Sat Jan 07, 2006 12:47 pm Post subject:

Hi,

I shall advise you not to exhaust your savings in paying off their mortgage. If they are current on their mortgage or can be brought them current, then I shall advise you to do so.

In that case make their payments as per the payment term. That will prevent you from damaging your savings.

Regards,
Blue

0.10 Dollars($)

Any suggestions in protecting my investment to make the payments?

blue · Posted: Sat Jan 07, 2006 1:30 pm Post subject:

Hi,

You should make plans for securing your investment. You can ask them to add you in the deed. This will make you eligible for the title ownership and you can thus secure your investments.

Regards,
Blue

0.10 Dollars($)

Hi Blue,

Thanks for the suggestion. I think getting my name on the deed will be appropriate.

Regards,
Martin

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