Reply to In-laws are broke, DH has offered to help

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[quote=Anonymous][quote=Anonymous]We were in the same situation and my parents sold their house and rented for a year. They could not handle maintenance on the house or the mortgage.

At the time, we had just bought our home. A year later, we bought a house (our second home) for them.

I didn’t read the replies. What is your HHI?

I know not everyone can buy a home for the parents but it ended up being a good investment. The house is worth almost double what we paid for it and it is our house, not theirs so it isn’t a total loss of money.

I would not be against helping the parents but not at the expense of your own family. We are children of immigrants and it isn’t uncommon for the grandparents to come live with the children.[/quote]

I’ve been in this situation with both my siblings and parents and I’m sick of it.  I can’t be the go to bank bc everyone else failed to
Plan/refused to downsize.

The in laws need to sell their 3 bedroom condo and buy a one bedroom condo or studio.  The end

If there is not enough equity in their home and selling is not financially making sense, then they can look into a reverse mortgage to stay in their home.

They can also rent one of the bedrooms or figure out a side hustle. [/quote]

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