Hi
Just am in need for some advice for my parents who are 67 years old and have a $1.8 million dollar debt on 5 properties. The properties are maxed out, so none of them are payed off. My parents are not working, so the rent from the properties are just covering the loan , except that the bank is taking an extra $5,000 per month extra for principle payments for her properties, which is being taken from her $200,000 in her offset account, which over time will diminish. Also, she has the rates to pay as well for each property which also comes out of this $200,000. She is asking me and my brother for money, but we are trying to build our own lives, We have children and aren't really in a position to help her. She said she will try to refinance with another bank and to try and pay less interest and not pay any principle, l keep telling her nobody is going to refinance you without income and at your age.
I feel guilty but l am not sure what to do.
Can anyone come up with any suggestions.
Thanks Sue
Just am in need for some advice for my parents who are 67 years old and have a $1.8 million dollar debt on 5 properties. The properties are maxed out, so none of them are payed off. My parents are not working, so the rent from the properties are just covering the loan , except that the bank is taking an extra $5,000 per month extra for principle payments for her properties, which is being taken from her $200,000 in her offset account, which over time will diminish. Also, she has the rates to pay as well for each property which also comes out of this $200,000. She is asking me and my brother for money, but we are trying to build our own lives, We have children and aren't really in a position to help her. She said she will try to refinance with another bank and to try and pay less interest and not pay any principle, l keep telling her nobody is going to refinance you without income and at your age.
I feel guilty but l am not sure what to do.
Can anyone come up with any suggestions.
Thanks Sue