Parents Ask Teen To Take Loan To Help With Mortgage Payments, Redditors Try To Convince Them Not To Fall Into That Trap

"I don't want to be left in a situation where my savings are going towards repayment."

Damjan

• Published in Interesting
• October 14, 2023

In life, there are few bonds as strong as the one between parents and their children. Yet, sometimes, this unbreakable connection can lead to difficult financial dilemmas.

One Reddit user, a 19-year-old individual, recently found themself facing one such predicament when their parents suggested that they take out a loan to assist with their mortgage. The request is not an uncommon one.

Many young adults who are still living at home may feel obliged to help their parents in times of financial need. In this case, the loan in question was approximately $5,000, intended to contribute to the deposit for a new mortgage.

The parents, burdened by existing debt, saw this as the only viable option to secure a home for their family. The dilemma for the Reddit user, however, arises from a history of lending money to their parents.

While living rent-free and with limited expenses, they have occasionally lent their parents money when they found themselves short. Now, the prospect of taking out a loan in their own name brings about concerns of responsibility and trust.

On one hand, the desire for more space and a better environment for college studies is entirely reasonable. The user acknowledges that the current living situation, shared with seven family members in a small house, is far from ideal, especially given the demands of online learning.

On the other hand, the user is wary of the potential consequences. What if their parents struggle to make repayments?

What if they are left shouldering the financial burden? Read the full story and some of the comments below:

OP says:

Parents asked OP to take out a $5,000 loan to help them with mortgage payments

OP does not have a lot of expenses since they do not pay rent, but they are saving for moving out

OP is not a bank, and they are putting their financial future at risk

"Do you think they're magically going to be better at paying?"

It is not normal to borrow money from your barely legal child

This Redditor shares their experiences, and they are a glimpse into OP's future.

OP is young and shouldn't start their adult life with such a burden on their shoulders.

"Any default in repayment of this debt will lie on your credit rating for years to come."

The parents should be responsible for their own financial decisions and mistakes

This Redditor also has bad experiences:

This could also be true:

Could this be considered a mortgage fraud?

Maybe OP should offer them to pay rent - to make things easier on them?

The Reddit user's situation is complex. It's important to balance family support with personal financial stability.

One potential solution is for the individual to contribute financially to the household by paying rent or sharing expenses, given their current circumstances. However, clear communication and understanding of expectations are crucial in any financial arrangement.

Finding this balance is essential for a harmonious future for all parties involved.

Damjan