Family Opportunity Mortgage Benefits

• You won’t incur the expense associated with purchasing an investment property
• Low down payment requirements
• With respect to elderly parents, the Family Opportunity Mortgage is a great option because it allows adult children to help with housing expenses

Family Opportunity Mortgage Guidelines

• The elderly parent or disabled child must be unable to work or not have sufficient income to qualify for a mortgage on their own
• There’s no distance requirement on where the primary residence is located
• The elderly parent or disabled child does not have to be on the mortgage or title unless they prefer to do so

Sample Scenarios

• Imagine your mother or father (or both) live in a different state, and you need to move them back to Hampton Roads. With the Family Opportunity Mortgage, your parents can live independently while the home, which you own, builds equity.
• In another situation, a client purchased a home for his mother. At the time, the mom lived with the client but preferred to have a place to call her own. The Family Opportunity Mortgage allowed the mother to live alone but the child (the client) paid the mortgage.
• Here’s one more real-life situation. In North Carolina, a client wanted to buy a home for his mother because the mom was living with a roommate until the roommate moved out. The cost of living became too great.

Reach out to our team of local mortgage loan officers and take the initial step towards homeownership. Our team is ready to assist you throughout the process, offering you the necessary information and guidance to help you make informed decisions for your unique needs. Don't delay any longer - contact our team today.