This might be happening more and have more consequences that really can be stressful for the child of financially careless parents.
Speaking from personal experience - be very careful how you help them out in any way. You probably will help in any way and quickly realize how they come to depend on that - and they don't change their ways. Things and the relationship can start to go downhill.
No matter how much you plead, threaten, cajole - they are going to spend and spend and once they retire there is not any capacity to get out there and work extra to make more money.
They are not able to do home repairs, mow the lawn and decide not to pay taxes or insurance on fully owned properties for a few years. You find out that these were not paid and liens are put on properties. They file for bankruptcy - even though they had all their retirement needs met.
If you can do anything encourage them to NOT pay off their home/other home. We thought this was a great security for a parent and it ended up just being a way for them to not pay the expenses of a paid for home.
In mortgages you are almost always required to have home insurance and paid up property taxes.
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