12 Replies Latest reply on Jul 22, 2014 8:38 AM by BoBraxton

    I am (could be) my brother's keeper (about his mortgage)

    BoBraxton

      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

      her brother-in-law.

      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.