Marc A. Hebert’s ‘Cash $ense’: When your little one asks for a mortgage, must you say sure? | Cash Sense



Marc A. Hebert's Money Sense column sig

When you are a parent, you have done so much for your children from the day they were born. If your children have already finished school, they may be alone at this point. But are they really independent? Everyone needs help sometimes, and that includes adult children. If you can provide financial assistance, should you help your adult child when they ask?

Your first thought might be to pull out the checkbook. But it might be better to examine the cost first, both financially and emotionally. Here are some of the questions you might want to ask.

kAmxD E96> @? 6J 36 šŸ˜• 8 8: G6? 7 @ C 2 C62D @ 23 = 6 AFCA @ D6n p 32 <2D@? 6J: D 8 @ šŸ˜• 8 E @ 36 FD65 7 @ C 2? 5 J @ F D9 @ F = 5[ E@@] x7 J @ FC 49: = 5 4 @? DE2? E = J 3 @ CC @ HD> @? 6J @ C: D 2 3: 8 DA6? 56C[ AC@G:5:?8 255:E:@?2= =6?5:?8 >:89E ?@E 36 E96 36DE 564:D:@? J@F 4@F=5 >2<6] * @ F>: 89E 36 6? 23 = šŸ˜• 8 A @@ C 7:? 2? 4: 2 = 3692G: @C]x7 J @ FC 49: = 5: D FDF2 == J 8C62E H: E9> @? 6Y[ E96 42=4F=2E:@? 4@F=5 36 5:776C6?E]k ^ am

kAmxD E96 = @ 2? H: E9 šŸ˜• J @ FC> 62? Dn q67 @ C6 8: G:? 8 J @ FC 49: = 5 2 = @ 2?[ E2<6 D@>6 E:>6 E@ 4@?D:56C 9@H :E H:== 27764E J@F] r2? J @ F C62 == J 277 @ C5 E @ = 6? 5> @? 6J E @ J @ FC 49: = 5n (92E H: == 92AA6?: 7 J @ FF? 6IA64E65 = J? 665 E96 7F 5Dn (92E: 7 J @ FC 49: = 5 5 @ 6D? ‘E A2J J @ F 3246? E 2? 5 4 @ F? E:? 8th @? E96> @? 6Y[ :E 4@F=5 AFE J@FC C6E:C6>6?E šŸ˜• ;6@A2C5J] xE>: 89E 36 36DE E @ @? = J = 6? 5 H92E J @ F 42? 277 @ C5 E @ = @ D6]k ^ Am

kAmx? <66A: 8 H: E9 E9: D.[ 9@H H:== =6?5:?8 >@?6J E@ J@FC 49:=5 27764E 9:> @C 96C šŸ˜• E96 =@?8 CF?n x7 J@F DE6A šŸ˜• E9:D E:>6[ H:== J@FC 49:=5 6IA64E 96=A 5FC:?8 E96 ?6IE 7:?2?4:2= DECF88=6n xE >:89E 36 E:>6 E@ 8:G6 J@FC 49:=5 E96 492?46 E@ 7:8FC6 @FE E96:C 7:?2?46D @? E96:C @H?]k ^ am

fight? @ E96C 724E @ CJ @ F>: 89E H2? EE @ 4 @? D: 56C: D 72>: = J E6? D: @?]X7 J @ FC 49: = 5 42 ?? @ E A2J J @ F 324[ H@F=5 E9:D 4C62E6 4@?7=:4E 36EH66? J@Fn x7 J@FC 49:=5 7@C86ED 2 A2J>6?E @C 42?ā€™E A2J 7@C E96 >@?E9[ H92E H:== 92AA6?n (:== J@F 766= @3=:82E65 E@ 364@>6 :?G@=G65 H:E9 J@FC 49:=5ā€™D 7:?2?46Dn s@6D J@FC DA@FD6 28C66 H:E9 E96 =6?5:?8 564:D:@?n x7 J@F 92G6 @E96C 49:=5C6?[ 9@H H@F=5 E96J 766= 23@FE E96 =@2?n %96 6>@E:@?2= 4@DE @7 E96 =@2? >2J 36 8C62E6C E92? E96 7:?2?4:2= 4@DE]k ^ am

kAmp7E6C E2<:?8 2== @7 E9:D :?E@ 4@?D:56C2E:@?[ =6Eā€™D D2J J@F 564:56 E@ D2J J6D 2?5 =6?5 J@FC 49:=5 >@? 6J]x7 E9: D: D E96 42D6[ :E šŸ˜€ E:>6 E@ 364@>6 2 =6?56C] xE’D D6C: @FD 3FD:? 6DD]! FE 2 == @ 7 E96 = @ 2? E6C> D:? HC: E:? 8]$ 6ED @> 6 6IA64E2E: @? D]$ 6E:? E6C6DE C2E6D[ C6A2J>6?E D4965F=6D[ A2J>6?E E6C>D[ 2?5 4@==2E6C2=] * @ F>: 89E 6G6? H2? EE @ D6E FA 2FE @> 2E: 4 = @ 2? A2J> 6? E EC2? D76CD 7C @> J @ FC 49: = 5’D 244 @ F? EE @ J @ FCD – J @ F 5 @? ‘E H2? E 563E 4 @ == 64E @ C:? J @ FC; @ 3 56D4C: AE: @?]K ^ Am

kAmxE 2 = D @> 2 <6D D6? D6 E @ EC62E E96 = @ 2? :? 2 3FD:? 6DD =:<6 >2 ?? 6C E @> 66E D @> 6 x # $ C6BF: C6> 6? ED]| 2<6 46CE2:? E96 :?E6C6DE C2E6 :D 2AAC@AC:2E6 2?5 2E =62DE 6BF2= E@ E96 2AA=:423=6 7656C2= C2E6] %9:D 4@F=5 96=A J@F 2G@:5 92G:?8 E96 =@2? 4@?D:56C65 2 8:7E H:E9 E96 C6DF=E:?8 8:7E 2?5 6DE2E6 E2I 4@?D6BF6?46D] x7 E96 >@? 6J: DE @ 36 FD65 E @ AFC492D6 2 9 @> 6[ >2<6 DFC6 E96 =@2? >66ED E96 C6BF:C6>6?ED D@ J@FC 49:=5 42? 92G6 2? :?E6C6DE 6IA6?D6 565F4E:@?] xE 4 @ F = 5 36 96 = A7F = E @ 5: D4FDD E96 E2I 4 @? D6BF6? 46D @ 7 E96 EC2? D24E: @? H: E9 2 E2I 25G: D6C]k ^ Am

kAmx7 J @ F 564: 56 E92E J @ F; FDE 42 ?? @ E = 6? 5 E96> @? 6Y[ J@F >:89E H2?E E@ @776C @E96C 96=A] u @ C 6I2> A = 6[ J@F 4@F=5 @776C E@ A2J 2 A2CE:4F=2C 3:== 7@C 2 D9@CE A6C:@5 @7 E:>6] x? E:> 6D @ 7 DECF88 = 6[ 2== 96=A šŸ˜€ H@?56C7F= E@ 92G6]k ^ am

kAmu šŸ˜• 2 == J.[ 5@?ā€™E 766= 8F:=EJ :7 J@F 5@?ā€™E =6?5 E96 >@?6J] * @ FC 7:? 2? 46D 2C6:> A @ CE2? E.[ E@@[ 2?5 J@FC C6=2E:@?D9:A H:E9 J@FC 49:=5 >:89E 36 36EE6C 7@C :E]k ^ am

Marc A. Hebert, MS, CFP, is an executive member and president of asset management and financial planning firm The Harbor Group of Bedford. Email questions to Marc at mhebert@harborgroup.com. Your question and its answer may appear in a future column.