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Royally screwed... In laws..

iced
Valued Contributor

Re: Royally screwed... In laws..


@Creditplz wrote:

 

they cannot afford their mortgage anymore, he resorted to doing Uber but has now retired with a $3900/mo mortgage (mela-roos + taxes & insurance included) and his retirement is $2300 after his Medicare costs also wife was a homemaker. They also don't want to take the equity and downsize cause they have "a standard of living" they don't want to go back on..... I don't understand....

 


They bought a home with a $3900 payment (regardless of what it includes), I assume pre-retirement. Then, they retired and income fell to $2300/month. This part doesn't make sense to me...how did they not plan for replacement income in retirement? Basic napkin math and general estimates say they were taking home at least $6000/month (and likely more) pre-retirement. Was there a significant lack of retirement savings planning that nobody's called out to these people, given they expected and planned to maintain their standard of living?

Message 31 of 38
LittleGreyCells
New Member

Re: Royally screwed... In laws..

I'm sorry, but I find the guilt tripping atrocious. I understands unforeseen circumstances that can negatively affect finances, but it's almost as if you and your wife are being asked to accept punishment for your success. I'm all for families sticking together and helping each other out during tough times, but you're essentially being asked to take on an unnecessary financial burden so that your brother-in-law can have an inheritance. I hope you and your wife continue to be like-minded on this.

 

My answer would be unequivocally, *heck* no. 

Message 32 of 38
GrandBay
Frequent Contributor

Re: Royally screwed... In laws..

Plus, @SoCalGardener , these folks can live for another 30 years!!!!!

Message 33 of 38
SoCalGardener
Established Contributor

Re: Royally screwed... In laws..


@GrandBay wrote:

Plus, @SoCalGardener , these folks can live for another 30 years!!!!!


Exactly! It's VERY common these days to hear about people who are 100+ -- and some of them are still working! I cannot imagine being 65-ish, able-bodied, perfectly healthy, and CHOOSING not to work, then having the audacity to ask family to bail me out. Unreal.

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Message 34 of 38
Creditplz
Valued Contributor

Re: Royally screwed... In laws..

Hahaha I just reread these comments... seems like forever ago BUT I agree with everybody here, it's not mine or DW issue that they choose to make the financial decisions they're making. 

They haven't really given us a call or anything.. oh well! Less time I have to waste chitchatting while I could be of MyFICO!! 

Message 35 of 38
NoMoreE46
Established Contributor

Re: Royally screwed... In laws..

Without reading all of the 30+ comments - I would just say have them sell their $900,000 house and math out what to do the their equity.  They can pay cash for a much more affordable home/condo.  Renting for 12 months may be the better option til they run the numbers more earnestly.

 

 

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Message 36 of 38
OmarGB9
Community Leader
Super Contributor

Re: Royally screwed... In laws..


@NoMoreE46 wrote:

Without reading all of the 30+ comments - I would just say have them sell their $900,000 house and math out what to do the their equity.  They can pay cash for a much more affordable home/condo.  Renting for 12 months may be the better option til they run the numbers more earnestly.

 

 


Situation appears to have been resolved. It was a NO.


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Message 37 of 38
SouthJamaica
Super Contributor

Re: Royally screwed... In laws..


@Creditplz wrote:

My in-laws have asked my wife.... if WE can pay for their mortgage.... needless to say, I said no to my wife and now she's thinking it's a good idea. 

 

she wants us to buy their house instead at $485k (what's left on the mortgage & HELOC) house is valued at 900-920k in the inland empire, but we let him live there the rest of their lives... rent free.. 

 

they cannot afford their mortgage anymore, he resorted to doing Uber but has now retired with a $3900/mo mortgage (mela-roos + taxes & insurance included) and his retirement is $2300 after his Medicare costs also wife was a homemaker. They also don't want to take the equity and downsize cause they have "a standard of living" they don't want to go back on..... I don't understand....

 

not sure if this is a good idea?. DW wants to do it and said she can even buy it herself but wants us both to do it so her parents feel happier about the situation..


What did I get myself into 🤦🏻‍♂️


If you have tons of extra money, then why not? 

 

But if you don't, what's wrong with them doing what people do in their situation... selling and downsizing?


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Message 38 of 38
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