My son recently sold his house in order to pay off debt which he has accumulated over the years...?

Question

My thirty year old son also me owes 25K over the years of borrowing to stay afloat. I am divorced on a fixed income, but am always willing to help my kids. My son is moving in my home shortly, in order to pay off his debt. My question is...is it fair to charge him rent or just the extra costs of utilities. He does make over double then my income. I know he doesn't want to have to move in with his mom but knows he needs to in order to get ahead.

Answer 1

Definitely make him pay for at least the expenses that he will incur. He has an income and he is moving with you because of his inability to survive on his own. Making him pay his share will (Hopefully) be a beneficial experience to him for when he eventually moves out again. Besides it is simply not fair on you. I know he is your son but still he makes twice what you earn it only makes sense.

Answer 2

I am a 33 year old, who (up until 29) had to go home a few times, due to finance problems. It is only fair that he pay some rent to you to help cover the additional expense of him living there. For example, if you charge him $400.00 per month for rent, utilities, food, and maid services (maid=you), you can always take a small portion of that and apply it to the amount he owes you. (OR - if it makes you feel better, apply all of it to his balance owed to you.) He needs to be responsible to pay living expenses, and not sponge off of you. You are still helping him by collecting money from him. He is paying less to live with you than anywhere he could.

Answer 3

You could qualify for an FHA loan that requires a low down payment - IF you have a good credit score. To get those 800+ scores you need to pay your credit card bills in full each month. You can do this. Pay off those credit cards and save a ton in interest. Then, continue using your card for things you need like gas, and pay in full when the bill comes in. Never carrying a balance or paying interest. Never close your oldest credit card account - even if it's paid off. Length of credit history is 15% of your fico score Don't close old credit cards - banks like to see a lot of unused credit. Don't make any new "big" loans 18 months before buying your house. Don't open any new credit cards 6 months before purchase. Any credit card debt will directly reduce the amount you will qualify for in a monthly mortgage payment. Pay those cards off - carrying balances is only hurting you. /

Answer 4

Listen to this. . .I am in the EXACT SAME POSITION. I am 32, my husband is 34 and we are living with his parents! We owe them $23k. We sold our house and paid off credit cards with the profit. It took another year to pay down another debt and in the process we also paid off our car. We are now paying mom and dad, and saving as well. I expect we'll be here another 18 months, and then we'll have paid them off and have saved 4 months' income, and we'll be able to have that saftey net. (We also have three kids.) We have the basement finished with two bedrooms, a living room, kitchen, bathroom and some storage.

But it's not always easy! After all, I'm living with my inlaws! I have PLENTY of incentive to move out!!

I say let him pay you. You can save that money for him without him knowing if you want, or save part of it for him and use part of it for the extra utilities. OR just let it pay back the debt. We won't be moving out of here until mom and dad are paid back, and we save four months' income, and I figure it'll take another 18 months. Then they'll be satisfied, we'll be able to move on, and we all learned a lesson. Hope that helps!!

Answer 5

You need to get your 25K back and you need to charge him rent. Why should he not pay rent? He is not a baby and anywhere else he would live he would pay rent. Please, tell him that you want your money back and he must pay rent. Stop being so nice. He is taking advantage now. Listen, been there done that. Good luck.

Answer 6

Well,think about that for a moment.Yes you should charge him something.He would have to pay to live anywhere else.