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We’ve known Paul and Martha for many years. In fact, we watched their two little girls grow up from the time they were in elementary school. One daughter went away to college and then decided to continue her education by obtaining her Masters Degree. Their other daughter, Ann, went to a local community college and worked as a lifeguard on one of California’s most pristine beaches. Everyone celebrated as Ann obtained her teaching credential and got her first teaching position nearby.
We met with Paul and Martha to discuss their future, as retirement wasn’t too far in the future. We provided them with ideas to improve their current home. Those kinds of projects Paul could do as they made their home ready for sale in the years to come. We also discussed where they wanted to go when they retired. Naturally they were concerned with the future cost of housing and really didn’t want to radically change their lifestyle. When the time was right we found a wonderful 3 bedroom home nestled in the hills of San Clemente. It is a darling home with a fantastic view from the backyard. Paul and Martha bought this property with an agreement with Ann. They would buy the house and Ann would be on title with them. Ann would live there and with roommates, make the monthly payments. When Paul and Martha are ready to retire they’ll move into the house. From the proceeds of their previous home they will gift the equity in the San Clemente property to Ann. By that time Ann will be established in her career and be able to get a loan on her own. She’ll have the cash to put down on a home of her choice. We look forward to helping Ann find her next home and sitting in the backyard sipping lemonade with Paul and Martha. |