Parents: Plan carefully if helping your children buy a house GlobeMoney
Buying a home is a big step for anyone, and experts say that parents wanting to help their children need to make sure doing so is affordable.Buying a home is a big step for anyone and experts say that parents looking to help their children need to make sure it is affordable and that their children are ready for the change.
But Catliff says you need to consider your own needs for that money and other savings and that may include long-term care in later years. Instead of gifting the money, he suggests you could structure it as a loan that you could in the future forgive if you want, perhaps as part of your estate planning.
“If you’re going to help out your child with a down payment, whether it is by form of a loan or a donation or a co-signer of a mortgage, you have to make sure that actually fits into your financial plan,” she said.
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