Retirement time can be very difficult for many United States citizens for a variety of reasons. At times, a retiree may not have enough money to cope with day-to-day living. And in this case, a daughter in the United States concerned about the situation of her mother and her mother’s sick neighbor wants to know the best course of action.
According to the query sent to The Moneyist, this United States citizen has offered her mother the possibility of having a reverse mortgage, thus buying her house for the future. But after sorting out her home situation with her mother, she discovered that her sick neighbor also needed help, so she thought it would be a good idea to give it to her.
Reverse mortgage for her mother’s neighbor
While it’s true that help is always welcome in these cases, sometimes it seems like we might be overstepping the line of kindness. In this particular case, The Moneyist discusses the possibility of not offering that help to the neighbor of the inquiring citizen’s mother.
In a nutshell, this citizen asks if it is a good idea to offer her mother’s neighbor the possibility of having a reverse mortgage and thus getting enough money to pay her bills and all household expenses. With this, the citizen in question would be able to have that house available to her in the future.
However, according to The Moneyist, this help is not entirely well thought out, as it could result in the citizen not getting what she wants in the end. The idea is to help her mother’s neighbor, but the truth is that it is possible to end up with more problems than solutions.
In the words of The Moneyist, the expert comments bluntly that “Given that you and your mother have debts, you cannot afford to give money to your mother’s next-door neighbor. You are not responsible for her, even if her modest circumstances awaken your charitable and generous nature.”
Therefore, it would make no sense to help the neighbor financially if it would then condemn her and her mother to a worse life. To this end, the expert advises helping her in other ways, such as giving some of your time to serve as help with household chores or giving direct moral support.
In short, although helping with a reverse mortgage, even if it is from private individual to private individual, may be interesting for some citizens, the truth is that we must first think about the current economy to see if it is possible to cover this kind of things. If we have problems to help our family and to pay our bills we should leave aside this kind of investments, even if the other person really needs it, but it is not possible to help everybody all the time.