Millions of dollars are being transferred within families, usually between living generations, in order to prevent adult children from going into a dangerous amount of debt as they enter the housing.
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“He said my grandson was in Peru and was in trouble there,” Baker recalls. Then he put another man briefly on the line. Thinking it sounded like Will, Baker anxiously said into the phone. Will.
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In March of last year, Laura Welch’s kids talked her into moving from Florida to Arizona, to be closer to them. In the end, Welch turned to the aid of MoveRescue.com, a non-profit organization run.
It’s not complicated: If you don’t pay your bills. leave a borrower with a typical $200,000 mortgage better off to the tune of $2,500 a year. If, as morgan stanley guesstimates, half the affected.
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