More families are relying on the "Bank of Mom and Dad" for financial help with home purchases and expenses. However, experts caution that these loans can have hidden risks. A study found that parents and adult children often have differing views on whether the money is a gift or a loan.
Researchers noted that many families do not formalize the terms, which can lead to potential conflict if circumstances change. The financial arrangements can become unclear over time, with the status of the money potentially changing based on the adult child's financial situation.
Further details on the study's findings and the potential risks of borrowing from family members are available from the source.
Jason Vanderwal has spent half a decade throwing a nearly 10-pound magnet into Metro Detroit waterways. He says he never knows what he'll find but his latest discovery may be his most surprising yet. Vanderwal, known online as Motor City Magnet Fishers, pulled a World War II-era ...
A Redford Township homeowner is pushing back after receiving a warning that his year-round skeleton yard decorations violate a new township ordinance requiring holiday decorations to come down within 60 days after a holiday. Adam Pierson, 37, a disabled veteran, has lived in what...
This article is republished from The Conversation under a Creative Commons license. Read the original article . This story was first published in The Conversation About 1.4 million Michigan students returned to the state’s K-12 public school classrooms this fall. One of the most ...
Sen. Mitch McConnell (R-KY) spoke to the press outside the Senate chamber on Capitol Hill Monday, making one of his first public appearances in months after he was hospitalized in June. McConnell was in a wheelchair Monday when he briefly addressed reporters. "I must admit after ...
Testimony continued Monday in the criminal trial of a former Sinai-Grace Hospital nurse accused of sexually assaulting patients while on the job. Wilfredo Figueroa-Berrios, 47, faces three counts of third-degree criminal sexual conduct and two counts of second-degree criminal sex...
A spokesperson with Detroit Police confirmed the case involving an activist and the city mayor's ex-boyfriend have been referred to other law enforcement agencies. They did not say which office has received the assignment....
South Lyon city leaders are set to decide whether to keep or cancel two controversial Flock license plate reader cameras installed in the city in May. Watch Christiana's story in the video player below: South Lyon debates Flock camera contract amid privacy concerns The discussion...
St. Clair Shores residents are calling on the city to shut down its 12 Flock license plate reader cameras while officials decide whether the surveillance system should remain in place. Watch Peter's story in the video player below: Flock camera debate in St. Clair Shores continue...
A Russian drone struck a passenger train at a station near the Ukraine-Poland border on Sunday, just minutes after a diplomatic delegation that included former British Prime Minister Boris Johnson and former Swedish Prime Minister Carl Bildt had passed through the same station. U...
