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magdalenalee_gw

Financial arrangement when parents move in?

MagdalenaLee
9 years ago

I'm wondering how this works. This is not a caregiver situation at all. My parents just turned 70 and are independent.

However, they have no money. Well, they have very little money. Mom is retired and dad is still working but it's a physically taxing job and he's just not able to keep up with it anymore. They have a home with a mortgage and maybe $50 or $60k in equity. They have a small retirement fund ($400k) and of course SS but they can't make the mortgage without income.

This post isn't about the particulars about space and personalities, etc. I'm just curious about financial responsibility of parents. I'm not wanting to offer a "get out of jail free" card. I'm just thinking about offering an alternative that will allow my dad to retire.

Should I charge rent? Would it be outrageous to ask for the equity when they sell there house? How do I know if I'm asking for too little or too much? What if something happened to me or DH and our living situation changes?

I have no idea where to go to ask these questions, would a financial adviser have the answers?

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