Am I giving my mom enough money?

[Anonymous]

My mom is a single mother and before I moved to another state to teach, we bought a home together (she always wanted to be a homeowner). Mortgage is roughly 2900 dollars. I contribute 1000 dollars to the mortgage and 100 for her car insurance. I live on my own and cannot afford to spend more money to help her. The home has 3 bedrooms and I was thinking she could rent them for additional cash. She does work and receives assistance from her boyfriend.

[Anonymous]

I understand how you feel about your mom, but honestly I don’t think you should have gotten involved in something like this. Im assuming she’s able to pay about $2000 on her own since you’re contributing $1000. To me that’s extreme, poor planning on both your parts. I say more so on hers because she’s older. She could have opted for 3 bedrooms instead of 4, maybe a house that wasn’t so expensive. A lot of things could go wrong w this. Would she be able to keep up payments if she got sick or something? Sounds like even though yes she’s paying that part of the mortgage, some of it is coming from her boyfriend. What happens if they breakup or something happens w him that he’s unable to work. It only takes one major event to rock this ship to the point of almost tipping over. As for renting the other rooms, well that’s a possibility but what if she doesn’t want to rent the rooms. I know I wouldn’t want strangers in my house. Even other family members if they were paying me money. Family is nice, but when you’re not living in your own place you’re really not that happy cause you can’t do what you want to do because it’s someone else is house. Are you financially prepared if something happens to you that you could still give her this $1000? Like car issues? Health issues? Dental? Etc. maybe you lose you’re job or something. At the same time are you able to put away money for your retirement. You’re still young but it’s going to be here before you know it. More than likely you’re going to be locked into this for 20-30 years. So doing the math you’ll be giving her $240,000 if the mortgage is for 20 years. She’d be paying $456,000 if she’s paying $1900 a month. Damn I’m not a real estate investor or a banker but that’s almost $700,000, not including interest on the loan. I’m assuming she got a loan. This is based on a 20 year mortgage w out including interest. Now if it’s a 30 year mortgage, holy cow. Why is this home so expensive? Does it have a pool? In a rich neighborhood?

[Asker]

The home is worth i340k and is located in MA. The interest rates are high now. Our interest is $7

[Asker]

percent

[Opinion Owner]

So by the time she pays it off it’ll be about $700,000? That’s crazy. Like I said I understand how you feel it’s your mom just like I would do anything for my mom. But you have to be w in reason. Meaning yes I’d love to do this for you but is it going to put m in a situation where I could potentially be at risk of whatever? Have you talked to her about renting out those rooms? That’s $200,000+ you’ll give her for 2 years could be used to set you up for life when it’s time to retire. When you say she’s a single mom that means you have brothers and sisters at home living w her as well?

[Opinion Owner]

*for 20 years

[Asker]

No. Only child.

[Opinion Owner]

Ok. So why the need for 4 rooms? I could understand it a little more, maybe accept it a little more if you still had younger brothers and sisters at home. But w it just being you, grown up on your own, there’s no need for those extra rooms plus the basement. What is she doing w those rooms right now. To me it’s just unnecessary space that is closing more in utilities. Especially if they have AC in the summer. Not sure how that works there but here in Az we get up into the triple digits pretty much a majority of the summer so you’re running that AC almost everyday. Now what happens if she marries her boyfriend? Will you still get the house once she’s no longer alive? Does he stay w her? How much help does she get from him financially?

[Asker]

I think he gives her like 1000 dollars a month. I have no interest in owning that home or inheriting it.

[Opinion Owner]

Ok so is she actually forming out $2000 of her own or that’s $2000 total w his grand plus her grand? You should have stayed out of it. How old is she? I’m thinking maybe 40-50s. She should have established something already consisting you’re the only child.

[slatyb]

Why does she have a $2900 mortgage that she can't afford? You bought a home together? What are you going to do if she stops paying?

[Asker]

My plan is to rent the basement and the other rooms to cover the mortgage. It is duable.

[Asker]

*doable

[Asker]

She always wanted to be a homeowner. I assumed it is the least I can do for her.

[TheRealPepperPotts]

From what you wrote, it reads to me like your mother is using you. That's awful. I'm sorry you are in this situation. Would you like to just vent, or do you want solutions?

[HelpfulWoman]

erm.. you dumb.
if she cannot afford the mortgage herself, she should not have it and you should not have signed off to go halfsies with her.

[Staximus]

Whether she wants to own a house or not, she can't afford it.

[Staximus]

If you are also on the mortgage, you shouldn't have moved out of state. You should be living in the house you are paying for with your mom because you can't afford to pay for 2 houses if your mom stops paying her share.

[Staximus]

Like if she suddenly has some health problems and can't work or like that

[Asker]

I dont want to put my life on hold due to her decisions.

[Wildkayberries]

You’re giving your mom too much money. A loving parent wouldn’t accept money from their child like that unless you happen to be super wealthy and that much money is just pocket change.

[DreamLife7]

How are we supposed to know? Ladies please stop asking airhead questions

[blondfrog]

Yes that's very generous.

[Malwi93]

i agree with the renting out rooms

[Zoe112211]

you have done a good job。