After retiring, should she stay or should she go?
DEAR HARRY: I hope I can give you enough info to get your thoughts on my situation. In 2000, I was able to buy a house. Because I had credit problems, my sister and brother-in-law agreed to have it put in their names. I needed the house because I was raising three grandchildren and needed the additional space. I have paid all the mortgage payments and have taken care of all the house maintenance. My brother-in-law is retiring, so they want to transfer the title to me.
My credit is now clean. I intend to retire in May 2015. At that time, I could either pay off the house or sell it. However, my daughter who lives with me intends to try to be on her own this winter.
Financially, I can either sell or stay, but I fear that she won't be able to make it on her own, and if I sell she'll have no place to go with her 13-year-old child. Any thoughts either way?
WHAT HARRY SAYS: Why not wait awhile to see if she can make it on her own? Give her the time until you're ready to retire and perhaps another six months. Help her to stay above water for that period if you are able. I know that there are many who will say that she should be "forced" to make it on her own, but that's rarely the best route. Family is very important to me, and I admire you for helping the next two generations.
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