Time for another Monday Quick Tip.
Did you know you can buy a home for aging parents and avoid having to classify it as an investment property or second home? You can. Sometimes referred to as the Family Opportunity Mortgage, this type of loan allows you to get the lower interest rates associated with an owner occupied home, avoid the distance requirements that lenders require for a second home, and also avoid the high down payment requirements that come along with an investment property. What is more, as a child, you do not have to occupy the home with your parents (you can thank me later!). Parents also do not have to be on the loan, something which can come in handy if one or more of the aging parents do not have good credit.
Want to learn more about how this fits into your overall financial plan, reach out to Dunston Financial Group here.