Archive for December, 2012

Helping My Parents Figure out Finances

Wednesday, December 5th, 2012 | Permalink

My parents have never really had the means to get around and travel like they have wanted to. I have tried to send them on as many trips with the help of my brothers over the years, but there are still many places that they would like to get to see. My brothers and I thought that it was time to look into equity releases to see if it would be something that my parents could do.

I went online searching for a calculator for equity release to see how much my parents would qualify for and how much it would end up costing all of us in the long run. I know that all of us are more than willing to take a loss in our inheritance if it means that our parents get to go out and see the world or even the country before they are too old to enjoy it.

I knew that the house was paid off and that they have different stocks, bonds and retirement plans that they had as equity, but I was not sure of exactly how much they had altogether. My brothers and I went over to my parent’s house to talk to them about what we were trying to figure out for them. We all sat around the table discussing our big ideas and showing them the different pamphlets of places that they could go see with the money that they would get if they would decide to go in on this.

It did not take much discussing for my parents to decide that we were on the right track and for them to get out the papers that we needed to use the calculator to find out how much we could get for them. Everyone is getting excited about the prospect of them getting to see the wonderful destinations that they have always dreamed of.