Quote:
Originally Posted by Guest
You are welcome. One thing, you have to careful of. I had to apply for a home equity loan to give my other daughter a down payment on the house. I had to provide the bank with proof that my daughter was making the mortgage payments, which she was. Therefore, the loan got approved.
I will be on my other daughter's mortgage also. We will have to see how they consider my first mortgage responsibility. It would be more expensive due to federal income tax to take the down payment out of 401(k) plan, but you do for one you have to do for the other. I don't need any family wars.
|
Again many thanks for the info . You make excellent points and helping the next generation is the greatest gift .
I feel the same way about education . I have made certain that my 2 daughters received the best education possible from Elementary School thru College .
It wasn`t easy especially in the early years when I was young and working my way up .