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Reply to "Elderly relative hiding $$ in the freezer"
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[quote=Anonymous][quote=Anonymous]I have a relative in her 80s who has been retired for many, many years. She keeps busy with garage sales and plant sales. She grows plants indoors (her place looks like she is growing weed but she definitely is not. Lots of succulents). She lives a few miles from a wealthy enclave and has become known as the garage sale lady, so when wealthier women are cleaning out their houses, whether it's clothes, lamps, kitchenware, etc, they drop it on my relatives front porch, and she sells it. For 100% profit, obviously. And stashes the $$ in her freezer. Her mortgage interest rate has just gone from 2% to 7% so she has decided to take the $$ out of the freezer to pay off the mortgage. She has managed to amass $100k over the past 20 years! She doesn't want to deposit the $$ in the bank and write a check, and asked me if I can help her pay off her mortgage. How should I/she do this? Take the cash to the bank and get a cashiers check made out to the mortgage company? Any other thoughts? [/quote] Doing prepayments to the mortgage. First prepay a small amount, like 1K using a personal check or cashiers check. If it all goes smoothly, increase to 5K for the next one, and so forth. [/quote]
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