Parents considering borrowing against home to pay for daughter?s wedding

Published on: Fri, 14 Oct 2011 09:44:33 -0700

Q: I am 57 and my husband is 62. We would like to borrow $25,000 to help pay for a wedding for our daughter. We bought a townhome in 2004 for $230,000 at 5.25 percent interest. We work, and my husband gets a pension and Social Security. Our credit scores are in the mid-600s to mid-700s. We spoke with a loan specialist at a bank, and his advice was not to refinance, as the costs would be too high ... More »