I know this situation comes up quite a bit, but I have an opportunity to help my dad out. A bit about me- I (27f) make 150k a year, maxed out 401k contributions, no debt aside from a 600k 30y mortgage (I know, it's high, but I live in a hot market and expect to retire in this house eventually.) I also receive around 10-20k annually in additional income from freelance, and due to a sale I just received a windfall of 90k- I expect to receive another one of 50-90k next year.
My dad (55m) is a truly selfless soul- I think he has around 70k student loan debt and doesn't own property. He has wanted to buy a house for years (lives in a much more rural area with housing prices around 100-200k, not where I live) but isn't really in a position to do so without help. I don't think he has much put away for retirement, which concerns me.
I'm considering gifting him my upcoming windfall (50-90k) in full or in part, either as a down payment or to help him pay off student loan debt. It's partially because he's sacrificed so much for me, and partially because I worry about how I will afford to care for him as he ages- possibly some equity in a house could help with this. I don't want to co-sign a loan as my DTI is high due to my new mortgage, and I hope to refinance without complications. Does anyone have any advice on how to go about this, from either a financial or relationship perspective? Maybe both? TIA!
Submitted August 25, 2021 at 11:46PM by seacreaturez https://ift.tt/3Bdlvn3
