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Member since 07 Jul 2009
Member from Auckland
My name is Andrea Milner and I am the money editor of the Herald on Sunday newspaper.
I am working on a story this week about the increasing numbers of older people struggling to pay their kids' mortgages. During the boom, many parents helped their kids get into homes if they couldn't manage to on their own (perhaps because they had no credit rating, too much on their credit cards, not enough deposit or whatever). Often they were convinced into this by the kids' mortgage broker, real estate agent or banker, perhaps ignoring advice from their own lawyer or financial adviser not to do it. Often they mortgaged their own homes and 'gifted' the loan amount to their kids on an understanding the kids would be responsible for the payments. But now they're quietly having to pay themselves, sometimes having to come out of retirement and try to get work.
I am looking for any information about this happening, and would really like to hear from anyone who is in this position. It may be hard to talk about because of embarrassment that a caution from one's lawyer wasn't heeded - but on the other hand everyone understands the emotion involved in the desire to help one's children. I will treat all information in confidence.
If you would like to speak with me directly, my phone numbers are 021 817 679, 09 373 9342 or email me: firstname.lastname@example.org
Member since 29 Nov 2007
Member from Auckland Central
Please note: We have given Andrea permission to post in the Discussion Forums. If you would like to be included in her article, please contact Andrea - details above.
You don't have to be included in the article - I am happy to respect anonymity, and to hear whether you know of anyone in this position - it doesn't have to be you personally.
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