When it comes to saving money, a little know-how, some commitment, and practice all make the task easier as time goes on. Setting your child up with the opportunity to start saving money from a young age is an awesome way to ensure that they are prepared to make smart saving and investing decisions once they start working as an adult in the real world. Assigning paid tasks around the house and using jars as “bank accounts” for saving and spending is an effective foundation to start with. Here, you’ll learn tips, tricks, and techniques that can be implemented as your little one ages to accommodate their learning abilities and maximize their chance of saving success in the future.
Teaching Your Little one to Save Like a Pro
3 Ways To Help Older Relatives Stay In Their Home
Claudia Bravo
Does your elderly parent or grandparent want to stay in a home that they may not actually be able to afford anymore? For many older Americans who still hold a mortgage, the desire to age gracefully in their own longtime home is strong even when their finances become weak.
If you have the means to help, what are some ways to do this? Here are three routes you may be able to take.
1. Refinance in Your Name
While refinancing the home in your name — and taking over the deed — does technically make your relative's home into your own property, it does allow them to continue living in it as before. You could always have them pay you to rent the home if this will make them feel more independent.
Both parties — and, in fact, the entire family — will also have one less worry. The monthly mortgage payments are being made in a timely manner, and the relative's home is stable and safe.
2. Become a Co-Signer
What if your grandparent is able to meet the mortgage payments now, but you're worried that it may become a problem down the road? Or, what about those older homeowners who want to continue owning their own home? Consider co-signing on a mortgage instead of taking it on solely in your name.
A co-signer is ultimately responsible for the loan, so they will be contacted if the primary payer stops paying. You can be a safety net to prevent any real calamities, but you may also never actually have to put out any (or much) money.
3. Help Them Refinance
Refinancing a mortgage is an excellent tool to get lower payments and better terms. But an older homeowner may not be able to work through the modern process for refinancing a mortgage. Or they may not take the initiative to make use of this tool. In either case, you can help them. You don't even need to pay out your own funds to provide assistance in getting their property refinanced successfully.
Which of these three options could provide a solid living environment for your beloved family member? Whether you want to take over the entire responsibility for the house payment, serve as a safety net, or just offer your time and energy, you will be doing a great deed. Undoubtedly the whole family will benefit by knowing the everyone is happy in a home to call their own.
To learn more, contact your local home mortgage services today.
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