As Baby Boomers and their parents age, we’re receiving more questions about how to manage their housing and their inheritances. We’ll continue to publish these questions, comments and our responses, and encourage you to keep sending them our way.
Q: We’re in our early 80s and we own our home. We have a loan of about $95,000 and make monthly payments of $700 to the lender. We don’t have much in savings, but we do have some. If a major repair came along it would deplete our savings. Would we be smart to sell the home now and rent?
Q: My 91-year old mother lives with my sister. She took my mother to a lawyer without my knowledge in 2019. I unexpectedly found out that two quitclaim property deeds were transferred into a trust, for which my sister is apparently the trustee.
Here is a sampling of readers’ thoughts, ideas, and comments about recent columns.
Q: I purchased a home last year during COVID-19. Prior to purchasing the home, the real estate agent’s listing sheet showed that the property was going to be split in two. The listing contained a suggestion to see the property marker where the surveyor left a stake to show the property line division.
Q: We live in a subdivision that was built in 1962. The houses are situated on irregularly shaped lots to form an open area that is landscaped with vistas of mature trees and a leafy, verdant backdrop. Property lines are marked with very low, split-rail fences. We have an open airy feeling in our subdivision. Our picture window looks out over a portion of a neighbor’s lot that makes a pleasant view.
Q: I have a question about adding a name to the deed of a house. My boyfriend (we have never married) and I have one son together. Our son has my last name and is now an adult. My boyfriend is the one who bought the home we live in and the home is in his name.
Is it better to prepay your mortgage, credit cards or personal loan? Is there a sound method that discusses which you should tackle first? Some answers.