We have 3 children and A high mortgage
2007-08-29 15:46:28 · 10 answers · asked by sARAcONNA 2 in Business & Finance ➔ Personal Finance
1. You know your parents better than we do - will they hold it over your head?
2. Can parents afford it?
3. Do you have other options? Perhaps downsize a house to get a lower mortgage?
4. CAN YOU PAY IT BACK ON TIME EVERY MONTH???
After all considerations, only do so with a loan agreement that pays them an interest rate higher than they are getting on their investments now, with clearly spelled out terms, and make all your payments on time.
2007-08-29 15:52:34 · answer #1 · answered by ssmesq 5 · 0⤊ 0⤋
I suggest you get something in writing that shows what your understanding is with respect to obligation to pay off the debt with what kind of interest rate.
The reason for this is that among friends and family there is often a handshake verbal contract, then years go by and people memories shift as to what they agreed to.
This can lead to serious arguments later.
"You said it was a gift."
"You said we could pay it off any time, without any interest."
You do not want to be having arguements with friends and family over money. Get something in writing.
"Get all your debts paid off with other places, before you have to pay this off, but before you make a new major purchase, like a new car, another child, or an expensive vacation, we reserve the right to veto you doing something that would make it more difficult for you to pay off this debt."
2007-08-29 22:55:53 · answer #2 · answered by Al Mac Wheel 7 · 0⤊ 0⤋
If you parents are willing to give you the money then you go ahead and borrow it. But make sure you pay them back you may need to borrow from them again.
2007-08-29 23:28:25 · answer #3 · answered by ShyShy 2 · 0⤊ 0⤋
If my parents were well-off and i was facing a financial crisis i would probably ask for help but normally would try and resolve my problems without burdening the elderly unless there is really no choice.
2007-08-29 22:51:48 · answer #4 · answered by witch2order 5 · 0⤊ 0⤋
Yes,.. but only borrow what you know you can pay back.. Maybe even get there advise on a payback plan.
2007-08-29 22:56:49 · answer #5 · answered by g d 2 · 0⤊ 0⤋
It can't hurt to ask. Sit them down and have a serious talk--tell them your plans and troubles and assure them you'll pay them back. I would work out and practice an explanation and game plan before your actual talk.
2007-08-29 22:49:50 · answer #6 · answered by J 4 · 1⤊ 0⤋
I don't think theres anything wrong with it. Families support each other, it doesn't matter how old or how established we get.
2007-08-29 22:50:31 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Only if they have it and can afford it, so how will you plan to pay them back? If you don't have it now, how will you have it then? I am sure they need their money too.
2007-08-29 22:51:31 · answer #8 · answered by Anonymous · 0⤊ 0⤋
That's between you and them.
2007-08-29 22:49:42 · answer #9 · answered by TedEx 7 · 2⤊ 0⤋
iits not easy raising 3 kids..and paying bills...iif you really need it go for it ....
2007-08-29 22:50:22 · answer #10 · answered by greekhunnyXo 3 · 1⤊ 0⤋