The American economy has been in a downturn and it is hard to see how kids moving back home will benefit anyone. Even if the economy turns around somehow, it won’t be for the better. But with the current state of the economy, more people are wondering how they will be able to keep their homes when the time comes.
The first thing that many families are thinking about is their ability to make the mortgage payments. Many young adults ages 18 to 30 years have some sort of student loan debt and this can limit the amount of money that you can get to keep your house. If you have a loan on your home, chances are you are still living at home with your parents. This means that you have a responsibility to make the payments on time and for the full amount. And if you have a higher than average rate of interest, you can easily end up being behind on those payments and having to move back home.
If you are considering moving back home to get out of your student loan debt, consider how much you will be saving. It is true that you will be losing the equity that you have built up in your home, but if you are living at home with your parents, you already have a lower than average interest rate. If your mortgage is at a low enough rate, you may be able to get your student loan debt paid off in a couple of years or less.
Another issue that is being discussed today is the way that some families are making money while they are on the move. Many grown ups are making money by offering editorial services to newspapers and magazines. While it may not seem like a profitable business venture when you first look at it, if you can make money while you are moving back home, it can definitely pay off in the end.
No matter how you think about it, young adults moving back home to parent their kids or retirees or anyone else that is thinking about this, you must be willing to set ground rules for what is expected of you. Some of you may be expecting your grown child to do whatever he or she wants, when it comes to setting ground rules. This is a good thing, because this allows your grown child to learn what you expect from him or her. If you feel like this is a big responsibility for you to take on, then make sure that you explain this to your young adult child. Let him know that you will be expectations of him and that he better learn these ground rules before he gets the chance.
Finally, if you feel like you are overwhelmed with all of the papers, forms and everything else that you have to deal with, you may want to enlist the help of a family attorney or a probate lawyer. These individuals will be able to help you through the moving back home process and can even make recommendations as to the final schedule for your estate. Having an experienced individual in your corner can help to keep you sane during the whole process. You owe it to your children to make sure that everything is in order and that you follow the proper procedure when it comes to estate planning with your belongings.