Helping my Daughter
I was wondering if you can give me a resource to discuss ‘reverse mortgages’ with. I would like to help my daughter get a home. Was hoping I could get a lump sum of $50k. I do own my townhouse, it’s worth about $250k.
( I’m 68 yrs old)
Terry Says
My next column is about reverse mortgages, so check back at my website to read it next week.
However, I STRONGLY RECOMMEND YOU DO NOT EVEN THINK ABOUT THIS!!!
Your daughter will be fine without your help getting a home. You likely have 25 years to live. You should only be concerned about YOUR finances.
It’s lovely to want to help, but I can think of a thousand reasons why this is a bad idea.
If you want at least 10 of those reasons, write back to the email you receive saying your question has been answered!
