Comments on: Should Your Grandparents Refinance Their Home?

By: CindyS

CindyS — Fri, 15 May 2009 00:03:12 +0000

Pilgrim, it was difficult. I struggled with it then and considered calling their daughter but legally, I couldn't do that either. I still wonder... CindySs last blog post..Submit your gardening posts to Carnival of Homesteading

By: wealth pilgrim

wealth pilgrim — Mon, 11 May 2009 17:19:21 +0000

Cindy, that must have been difficult to sit there..... Adam....I clearly agrree with your points too. Nicely said. wealth pilgrims last blog post..Stock Market Rally - Should You Buy or Sell Now?

By: CindyS

CindyS — Mon, 11 May 2009 14:04:08 +0000

I absolutely have to agree with your suggestion that you speak to your parents or grandparents about this. A few years ago, I did a notary loan closing for a retired couple who had been convinced to refinance their home and use the equity to invest in the stock market. Obviously, this is their choice but there were several reasons that gave me reason to suspect that they were not using sound judgment and that the investment broker might not have been as honest as one might hope. As a notary, my job is not to give advice and I am legally not allowed to give advice so there was nothing I could do but I shudder to think of where that nice couple might be financially now. They had no understanding of the terms of the loan and were basically gambling that they could make enough money in the stock market to pay off the extra interest on this loan. CindySs last blog post..10 Steps to Getting Your Financial Boat Back On Course

By: Adam

Adam — Mon, 11 May 2009 13:17:09 +0000

I have to agree with your decision. Chances are great that they will be around when the mortgage adjusts. Why take the chance when you can lock something in now? If their budget could afford the increase in payment, I think you suggested the right solution. Adams last blog post..Have Jobs Become Disposable?