Good Sunday morning.
Here's a situation I see more every year, and I'll bet some of you are living it right now.
Mom and Dad have been in the same house for thirty years. It's paid off, or close to it. On paper, they're doing great. The house is worth more than they ever dreamed. But month to month, things are tight. Groceries cost more. The roof needs work. And they would rather eat cereal for dinner than ask anyone for help.
House-rich and cash-poor. It's one of the most common money puzzles of this generation, and almost nobody talks about it out loud.
If you're the grown kid in this story, you probably feel it before they say it. You notice the thermostat turned way down. You notice they stopped going out to dinner. You're not sure how to bring it up without it turning into an argument about pride.
Here's what I'd tell you. The equity in that house is real, and families use it, or don't, in a bunch of different ways. Some sell and move somewhere smaller. Some stay put and borrow against the house in one form or another. Some move closer to family. Some do nothing, and sometimes that's exactly the right call.
Each path has trade-offs. Some protect the inheritance. Some protect the lifestyle. Some protect the independence your parents care about most. And a few of the options out there are great for some families and a trap for others, which is exactly why this shouldn't get decided off a TV commercial at two in the afternoon.
You know the commercials I mean.
The best thing you can do right now is have the conversation before there's a crisis. Ask your parents what matters most to them. Staying in the house? Leaving something behind? Never being a burden? Their answer usually points to the right path.
And if you'd like someone neutral at the table, that's a role I've played many times. I'm happy to sit down with your parents, with you, or with all of you, and just lay out the options plainly. No pressure and no paperwork. Just clarity.
Yours to count on,
Tom
Tom Griffith · Loan Strategist
541.915.1200 · [email protected]
Let's talk.
Whatever you're sorting out (buying, selling, helping your kids or your parents, or just trying to make sense of this market), I'd love to hear from you, even if it's the weekend. Just reply to this email, because I read every one. Call or text me at 541-915-1200. Or grab a time below and we'll jump on a call together.
P.S. Almost every Sunday somebody hits reply, and half the time we end up talking about life, not loans. Kids, parents, health, the whole works. That's my favorite part of doing this. You don't need a reason to write. Just say hi.