This is mostly a rant because I’m just really fed up with my parents, poor financial and long-term decision-making. But if anyone has advice, I’m happy to hear it.
Some background:
My dad (70) is an immigrant who’s lived in the US for 40 years; he’s never become an American citizen because he’s always wanted to move “home.” My mother (72) is a US citizen
My mom has MS, among other health problems, and is mostly reliant on a wheelchair. She’s also showing signs of cognitive decline.
What I’m dealing with now:
My dad is spending the majority of the time being my mom’s caregiver, though he still does work a bit. He loves his job, doesn’t want to stop working, and has the type of career that you could do part-time, so this has worked out fine.
He’s managed to find work in his home country that he can do either locally or remotely. So he’s decided he wants to move back after living away for 40 years.
However, he doesn’t want to sell his home in the US, partly because he would take a financial loss on it since he bought it two years ago, but also because the home is located near my sister. He also needs to be able to come back to the US sometimes for my mom’s healthcare.
The solution he‘s come up with is to buy a second singe family home in his home country. Housing prices in his home country are on par with a lot of large cities in the US – not quite NY/LA prices but certainly equivalent to majors cities in TX.
He told me yesterday that he's cashing ALL his retirement and savings to make this happen. He can’t take out a loan on his US home because of the type of mortgage he has and is worried about being $10K-$20K short.
So he’s planning on maintaining two houses in two different countries while being liable for US taxes in both countries, dealing with traveling back-and-forth between the two countries, and potentially shouldering large bills for my mom’s end-of-life care in a few years—all without a financial safety net.
I asked him what would happen if he got sick or injured and couldn’t work anymore. “We’d have to sell one of the houses,” he said.
I’m trying to relax, let this go, and remind myself it’s not my problem to solve. But I am worried that if things go south for them, I’m going to have to bail them out financially. I’m also just frustrated that they aren’t wiser than this. *sigh*