Consider a family opportunity mortgage

Did you know 77% of adults 50 and older want to remain in their homes long-term, a statistic that has remained consistent for decades? 

While that feels daunting if you’re the child or loved one of an aging adult, there are solutions that can help honor your parents' or grandparents’ dreams of aging in place. 

One that doesn’t get nearly the attention it deserves is Family Opportunity Mortgages. A Family Opportunity Mortgage could help grandma or grandpa live in a house down the street, comfortably settled in familiar surroundings, with family just around the corner. It feels like a win-win, doesn't it? Here’s how it works:

A Family Opportunity Mortgage allows homeowners to finance homes for their elderly parents or disabled adult children without classifying it as an investment property.

Benefits:

• Better loan rates: Treated as owner-occupied, so it usually comes with a more favorable rate.

• Lower down payments: The purchase can be made with as low as 5% down payment, making this option much more financially accessible than a conventional mortgage.

• Diverse property types: A Family Opportunity Mortgage is potentially available for various property types, such as single-family homes, condos, or apartments. 

Considerations:

• Limited availability: Not all lenders offer this type of mortgage, so you might need to shop around.

• Qualifications: Your income, must be high enough to cover the mortgage loan for your primary residence PLUS the residence you want to buy for your parent or dependent child.

• Location matters: Some lenders may require that the property be close to your residence. Need more details or want to know local lenders who offer this type of mortgage? Reach out! It's time to turn the tables on traditional living solutions!

**Note: The name "Family Opportunity Mortgage" has been discontinued. However the parameters of the loan remain the same - a conventional loan with expanded guidelines to allow owner-occupied financing under special circumstances.

** Source: New AARP Survey Reveals Older Adults Want to Age in Place