Bank of Mom and Dad Takes a Harsh Turn
Lots of posts about parents supplying substantial down payments to their kids to get them into the housing market in the big centers
Have we reached the point it is simply expected and required?
Speaking to 3 well off folks
2/
Lots of posts about parents supplying substantial down payments to their kids to get them into the housing market in the big centers
Have we reached the point it is simply expected and required?
Speaking to 3 well off folks
2/
/2 in their mid to late 50s, with kids who either graduating high school or in University
TOTALLY convinced they HAVE to supply large down payments for those kids and retire student debt
These are people who have made great money and also had ideal real estate timing
3/
TOTALLY convinced they HAVE to supply large down payments for those kids and retire student debt
These are people who have made great money and also had ideal real estate timing
3/
/3 Here's where the harsh stuff happens
These people all believe they have NO CHOICE about these things
2 of them would rather wind down their careers: they CAN'T,
they talk about working to 65
One of them was just downsized out, she feels she MUST find a new job
4/
These people all believe they have NO CHOICE about these things
2 of them would rather wind down their careers: they CAN'T,
they talk about working to 65
One of them was just downsized out, she feels she MUST find a new job
4/
/4 even though she really doesn't need to; but she feels she MUST supply these down payments
Finally they all talked about a fourth person we all knew who was just left an SVP position
"Oh, he needs to find a new spot quick, he has THREE kids who need down payments"
Finally they all talked about a fourth person we all knew who was just left an SVP position
"Oh, he needs to find a new spot quick, he has THREE kids who need down payments"
