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Once you give your parents the money, they should be able to spend it as they please. I do understand, however, the potential concern.At 50+, it sounds like one or both of them still might be working. Have you considered paying down their mortgage in the amount of the gift you intended to give? Living mortgage free would certainly be a substantial improvement to their lifestyle. Or, if the $200K is not enough to completely pay it off, at least you would have given them the gift you intended, but it simply came in a different form. Either way, it solves the problem of them fighting over it (if that is your concern). Additionally, it may help you to avoid any potential gift tax issues (depending upon where in the world you live).Perhaps the mortgage balance due is a lot less than the $200K and are looking for ideas as to what to do with the remaining balance.Rather than give them a one-time gift, you might consider monthly gifts, wiring $X to them each month. You could probably set up a recurring automatic payment and not even give it a second thought.Just throwing some ideas out there for you.Congratulations on your success, by the way. That's awesome!

The linked video is a presentation by Dave Ramsey, the self-described financial “guru” who has declared, “Responsible use of a credit card does not exist.” Ramsey has become wealthy, not by following his own advice (although I am reasonably certain he does), but because he has built a media empire, including a radio program heard on 585 stations, and because he has convinced some 5 million people to attend his “Financial Peace University” at $99 a pop. The eight-week program, consisting of viewing a video of Ramsey then discussing the content, is run by volunteers who give up their time. Ramsey’s company gets all the proceeds.The perceptive reader may get the impression that I am not a fan of Mr. Ramsey. They’d be right—although I freely acknowledge that the core of his teaching where getting out of debt is concerned is just fine. Much of what he teaches and advocates, however, is self-serving nonsense.Ramsey points to a statistic that nearly half of all credit card holders in the U.S. carry a balance. Nearly one third pay them off each month, thus avoiding the high interest rates most cards carry. In Ramsey’s view and teaching, the number of people carrying a balance is an indictment of the evil done by credit cards. They are a temptation just waiting to ensnare and enslave the unwary, he says.While it is certainly true that many people have gotten them into financial distress by falling prey to the dangers of credit cards, that is often attributable to consumers’ lack of knowledge and lack of personal restraint. Buying things can feel so good, and shopping with plastic can feel almost like getting things for free. There is no pain of loss—giving up cash—at the point of purchase, and when the statement arrives, the thoughtful credit card companies allow their customers to pay just 3% of the balance or less.This, kids, is how people rack up tens of thousands of dollars in credit card debt at 18%, or even north of 30% interest.Is this inherently evil? I’d say it’s not. Having the ability to borrow money at will does have its dangers, just as other useful tools do (I’m looking at YOU, Mr. Nail Gun). Knowing how to use any tool safely is critical.To answer the question: There is nothing whatsoever wrong with using credit cards, and many things that are very right with them. A consumer can avoid all the disadvantages and dangers of credit cards simply by using them correctly—and that includes paying them off each month, rather than allowing a balance to accrue. Here is why credit cards can help you:They are the very best way to develop a high credit score at no cost. Contrary to what Dave Ramsey proclaims, a credit score is NOT an “I-love-debt score.” Any consumer can have a high credit score using credit cards alone, and without ever paying a single penny of interestThey allow a consumer to avoid having to carry a large sum of cash or make frequent visits to the nearest ATM (which often carry their own fees). Carrying cash can be dangerous, as one is subject to loss through carelessness or theftCredit cards often deliver attractive rewards in the form of cash refunds, extended warranties and signing bonuses. The outdoor retailer REI Co-Op asked me if I’d like to open an account. They’d give me a $250 gift card if I did. Macy’s asked me if I’d like to open an account when I bought $2,000 worth of furniture. They’d give me a $200 additional discount and charge no interest for a year. Yes, please.I offer several items of advice regarding credit cards, apart from paying the balance in full each month:Set up automatic payments of at least the minimum payment. This will eliminate the possibility of the occasional accidental late payment. Credit card companies make literally billions of dollars on these kinds of fees, which can run $39 per occurrence or moreRequest regular credit limit increases. This is not so that you can run up a large balance. It is because higher credit limits enhance your scoresUse every card regularly in lieu of cash. Not using a card for an extended period of time may cause the FICO model to downgrade your score a bit. If you don’t use a card for a year or more, the card issuer may cancel it for lack of activity. This can cause your score to go down as wellDon’t cancel a credit card without a very good reason, such as a high renewal fee with no benefits to offset it. One component of your credit score is the average age of your accounts. An account that is ten years old or more can add a dozen points to your scoreYou might ask whether having a high FICO score is worth striving for. As my credential indicates, I have been in the mortgage business for quite a long time. Most people today will buy homes with a mortgage. The cost of a home loan is a function of the borrower’s credit score. Someone sporting a score of 740 or higher can expect a rate today (December, 2019) of around 4% for a 30-year loan, or about 3.5% for a 15-year loan. A borrower with a 620 score (the minimum for a conventional loan) will get a rate about 1.5% higher.A borrower with no credit history at all can still get a mortgage, so long as they can document their financial responsibility using “non-traditional credit” in the form of receipts for rent, utility, cell phone bills and the like. Lenders will treat these borrowers, whose loans are manually underwritten, as though they had the lowest acceptable credit score. I recently did a loan for a young couple who happen to be members of my close family. They were refinancing their two loans, which had very high rates. Only the husband was on the loans, and they had closed all their credit cards upon the advice of Dave Ramsey. The wife had no FICO score at all, because she had closed all her accounts several years previously. Thankfully, they qualified for the new loan without her income. If we had needed her income to qualify, their rate would have been much higher than the 3.25% they did get.Dave Ramsey has unquestionably helped many people out of financial distress with his “7 baby steps” leading out of debt. But his authoritarian, one-size-fits-all approach is not the best for every person. That includes his adamant position that all debt, with the exception of a 15-year mortgage “so I won’t be mad at you,” is evil. Slavishly following his advice may lead to a different kind of distress. Consumers should apply their own critical test to advice anyone offers—and that includes the advice given by your humble question-answerer.I hope this is helpful.

You’ll get a notice form your lender and a release of lien gets filed with your county’s recorder to state that fact( keep the originals you’ll get from county recorder, if you don’t get one in the next couple of months make sure you contact the lender and the county records) And you don’t have a mortgage payment…so make sure you call your insurance carrier to let them know the lender doesn’t need to be on the insurance policy. Be prepared to have money aside for your homeowners insurance and property taxes, especially if you’ve paid them with your mortgage payment into an escrow account. Property tax payments are due in two installments( Dec and April), insurance payments can be arranged in monthly payments if the insurance carrier you have allows it and you probably can have automatic payments from a credit card. With taxes that’s not an option it’s offered at least not in CA. And congratulations you own your home.Did you know that only 37% of people in USA own their home free and clear according to Bloomberg. You’re lucky you are of them know.