Month: February 2016
Kids Helping Mom and Dad With the Mortgage
After years of getting help from mom and dad, some adult children are returning the favor and buying their parents a house.
Not all lenders will allow adult children to co-sign for their parents on jumbo loans-those that exceed $417,000 in most areas and $625,500 in some high-priced places, says John Walsh, CEO of Milford, Conn.-based Total Mortgage. However, enough lenders allow it that most children who want to help home-buying parents, whether working or retired, should be able to co-borrow, Mr. Walsh says.
How Much Should We Exercise?
Exercise has had a Goldilocks problem, with experts debating just how much exercise is too little, too much or just the right amount to improve health and longevity.
New, impressively large-scale studies provide some clarity, suggesting that the ideal dose of exercise for a long life is a bit more than many of us currently believe we should get, but less than many of us might expect. The studies also found that prolonged or intense exercise is unlikely to be harmful and could add years to people’s lives.
These new studies, both of which were published last week in JAMA Internal Medicine, helpfully tackle those questions. Read more
Keeping Your Fireplace Safe
You can safely enjoy your new fireplace for years to come if you follow some basic safety rules. The following fireplace safety information will help you understand what’s involved in keep your home and loved ones safe:
Radon: Is It In My Home?
Cracks inside the walls and floors of your home can allow radioactive radon gas to creep inside and affect your air quality and health.
Radon – an odorless, colorless, naturally occurring radioactive gas – is inhaled into the lungs, where it can damage the DNA, potentially increasing cancer risk, says Douglas Arenberg, MD, associate professor of medicine in the pulmonary and critical care department at the University of Michigan Health System.
Exposure to radon gas, which can seep through cracks in the walls and floors of your home, increases the risk of developing lung cancer.
The Burden of the Student Loan Beast
Student debt is exploding, burdening some 40 million borrowers with an often crippling obligation that can take decades to pay off.
“The reality of student debt is honestly just now starting to sink in. We see the percentage of home ownership by the age of 30 dropping from 33 percent to 23 percent among individuals with student debt,” said Daniel Haitz of the college planning website eduSquared. “That’s a startling trend that has only occurred in the last 10 years. What’s crazier is that student debt in America grew at 7 percent last year and isn’t showing signs of stopping.”
From 2008 to 2014, student loan debt surged by 84 percent, according to a study by Experian. The $1.2 trillion in student debt now surpasses home equity loans and lines of credit, credit card and automotive debt.
“Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you.” J. Reuben Clark (in Conference Report, Apr. 1938, 103)
For those considering financial aid, there are ways to tame student debt. Some of the best solutions are the most simple.