Let’s Hear It for The Man!
You may not realize this, but you have Richard Nixon to thank for a nod to all the dads on Father’s Day.
Yes, it was President Nixon (he, of Watergate infamy) who signed a proclamation in 1972 making the second Sunday in June a federal holiday. The fact that Mother’s Day had a 58-year head start says everything about how we’re just now starting to realize the impact father’s have on their children’s happiness and sense of well-being.
“Paternal involvement seems to predict adult adjustment better than does maternal involvement,” Psychology Today reports.
Dads do all kinds of things to help their kids in life.
When it comes to real estate and the American Dream, fathers want their kids to be financially successful and not have to rent and pay their landlords mortgage. They want their sons and daughters to have a home of their own for the grandkids to be safe and happy.
Over the past 11 years in the business I have seen dads gift or loan money for down payments and co-sign to help qualify. I have seen fathers actually subsidize the house payment for a couple of years till the kid becomes a journeyman in the trades or until the kid finishes school and becomes an RN or doctor. I have also seen equity share agreements where the dad owns 50 percent of the house as a rental property and the daughter owns 50 percent as an owner occupant.
Sons and daughters help their aging parents with real estate. Kids can help with property maintenance and repairs and help their parents negotiate with contractors for home improvements. Grown children can help their parents by matching them up with qualified estate planners to avoid probate issues and in some cases set up a living trust. They can help their parents investigate reverse mortgage options so the folks can afford to stay in the family home. They can educate their parents on all the different scams out there that focus on seniors. We can thank our dads for raising us to be productive members of society and helping us achieve the American Dream. We can assist when it is time to move down to a smaller, lower maintenance home and reduce the stress level for them by hiring a real estate professional that cares about their clients.
Fathers, daughters and sons can work together as mortgage bankers or Realtors. Call us today (201-280-4462) and see what your options are if you want to buy a house with the help of your Dad.
Happy Father’s Day, and thanks Dad!