#397: Ask Paula: Is the bank trying to scam my parents…?

Nick’s parents are forced to confront earlier than anticipated retirement…and they aren’t financially prepared. Now, a bank is offering to buy a part of their mortgage or a part of their house.  Is this a scam?!

Anna is househacking, and she locked down an awesome interest rate. But she’s still carrying PMI and is wondering if there’s a way to remove the PMI without refinancing.

Jon from Colorado is curious about after-tax contributions to a Roth 401k and would like us to talk about why we wouldn’t recommend it.

Courtney from Denver is a real estate investor who wants to invest in new locations and wants tips on building out her network.

Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.


P.S. Got a question? Leave it here.


Here are the details:

Nick asks (at 02:19 minutes): At the end of this year, my dad has to retire. He was not planning to do so, so he’s not financially prepared. That has put him and my mom in an interesting position.

They have a house that’s worth about $2.5 to $3 million, but they owe $1 million on it. They also owe the IRS about $300,000 in back taxes and have about $50,000 in credit card debt. Their savings and retirement accounts are worth about $50,000.

Recently, they were approached by a bank that offered to buy part of their mortgage or part of the house. They offered them up to 20% of the mortgage and my parents are intrigued by this because they think it could buy…

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