An email today from TIAA-CREF led me to:
A mortgage isn’t just a house payment. It’s a financial decision that can make a world of difference in your life.
I had just turned 67 in 2001 (month of August) when I joined my spouse (she joined me) in retirement.
We still have an unpaid balance on our mortgage of thirty years.
This month my brother (number two) turns age 67. He has been spending a lot of his time
along with "middle sister" watching over and caring for our mother (who has eight living children).
When we stayed with brother recently, I asked about his mortgage and obtained from him the whole current balance.
Also I learned that he lives on his Social Security payment, so what I was asking was what kind of benefit it would
offer him to have the balance of his mortgage paid off.
This calendar year "we" could give tax-free gift - one from me to my brother - one from my spouse to
At least that much is what I am contemplating.
What this would do for my youngest brother is to free up his monthly payment, allowing him to enjoy living
on his entire Social Security and not just a part of it.
He also spends chunks of time in his retirement researching genealogy - many sides of our families (in common)
which I appreciate and would like this to be further encouragement for what he is already doing --
sort of like MacArthur Foundation - writ small - from a brother / keeper.
Thanks for sharing this BoBraxton. Please keep us updated on what you decide.
Tuesday and today, two steps closer - exchange of certain numbers (shares) into Money Market. Brother's birthday is 16th this month.
One step closer - gave instructions for direct deposit(s) into two banks and checking accounts from which each (spouse and I) can write a check for the maximum tax-free gift year 2014 - after a couple of days. Meanwhile, we are on our "vacation" week (what is vacation among retirees?).
another step - I put the envelope with card and other resource(s) into the outgoing mail of the post office near our vacation this week. Headed via snail mail to my brother (and thence to mother).
Happy birthday - "baby" brother (1947).
I applaud what you are doing. I know you will make your brother very happy! So nice to be able to do such a nice thing.
You are your brother's blessing.
Mama (Rachel) confirmed that the card / envelope did arrive (on Friday). After that ...
He cashed Gift check(s) after he received the card / contents.
"final" phone call - the mortgage is paid off in full - huge burden lifted. The background is that someone ran through a stop without stopping, hit the small pickup truck on the driver side so severely the door was mid way through the truck. My brother was driving - as part of his work with a stamp company (run by a sibling) - on a post office run (mailing, collecting). It is a wonder he was not killed. Severe brain "concussion" -- lots of pain over a long period of time. Covered by Workmen's Compensation - eventually lost job (because of the huge expense to continue workman's comp for the company. So this is the latest chapter. We are all very happy. This will be come relief -- monthly. I do not know how he has been managing such a big mortgage payment. He is also a veteran - Air Force back in the Vietnam era. I did alternative service as a Conscientious Objector (legal classification, Selective Service).
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