Suze Orman Tells Listener 'This Will Backfire On Both Of You Big Time' If She Takes Out A Reverse Mortgage For Her Daughter's Wedding

On Suze Orman's "Women & Money" podcast, a listener recently asked for financial advice about how she could financially support her daughter's wedding even while her savings were dwindling. 

The 67-year-old listener, Susan wrote, "My daughter is getting married and needs money. My savings are dwindling and I’m thinking about taking money out of the house. If I take money out of my home, is there any help you can give me as to the best way? I am 67 and was thinking about a reverse mortgage but I don’t know much about it. Are there any other solutions?"

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Orman's co-host, KT, gave her one-word response: elope. Orman agreed, emphasizing that funding a wedding through a reverse mortgage or taking out any debt could be disastrous for the mother and the daughter. 

"Just because your daughter has decided to get married and just because she’s doing it in a way where she needs money, that does not mean that you need to jeopardize your future just for one day," Orman says. "That wedding isn’t going to create her future."

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Orman explains to Susan how taking out debts on her daughter's wedding could be hard on her daughter as she sees the financial toll it takes. "You don’t know what to do because of the money that you spent on her wedding, it will end up that she will be so upset that she ever even had that wedding. I can’t even tell you. So this will backfire on both of you big time."

Ultimately, Orman says that Susan needs to watch out for her financial future and that her daughter can elope or figure out other means to finance her wedding. She urges Susan to confront her daughter and tell her how much she loves her but that she will not be financing the wedding in any way. 

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According to a recent survey from U.S. News, about 56% of newlyweds take out debt to pay for their wedding and about 42% regret going into debt. Nearly a third (31%) regret how much they spent on their wedding, including those who didn't go into debt. 

Orman's advice reminds us of the importance of making smart financial decisions despite the emotional pressures accompanying them. By setting clear boundaries and prioritizing long-term financial well-being, you can make choices that support your immediate desires and financial security. 

If you need or want additional assistance navigating your finances and how to create a more secure financial future, consider consulting a financial advisor. They can provide personalized guidance tailored to your specific situation. 

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