John A. Weeks III wrote:

In article ,
Legbuh wrote:


Their condo is worth about 130k, and they owe about 20k on it. The
place they are making an offer on is about 160k.


If your parents are getting up in age, yet don't own their
own home, I'd suggest that they not go deeper in debt. Rather,
I'd suggest that they check out the east valley area by Mesa
and Apache Junction. You can buy newer, used, and repo'd
manufactured homes in great condition for the $25K range.
They would have to pay lot rent, or kick in a bit more for
a deeded lot. That would leave them $70K left over from their
nest egg so they have some money to live on.

-john-


They did own the home for years. But they bailed out another sibling
out of a large issue he had (owned lots of rental property that was
subsequently destroyed in floods). I doubt they'll ever see the 50k
(probably more) they used to help him in their lifetime.

They're not wealthy, but comfortable I guess. They just still help
those 2 or 3 poor siblings still living in the hometown that chose not
to do anything constructive with their lives.