Family Opportunity Mortgages: Empowering Your Elderly Parents with Homeownership
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Beth Cree
Beth’s focus with her clients is to serve with integrity and professionalism...
Beth’s focus with her clients is to serve with integrity and professionalism...
What is a Family Opportunity Mortgage
The FOM is designed to help adult children buy a home for their elderly parents under terms usually reserved for "owner-occupied" properties. This is significant because owner-occupied mortgage loans come with the best interest rates and terms. Fannie Mae’s guidelines allow you to buy a home for your parents under this category, even if you won't live there, providing a financial lifeline for families who want to ensure their parents have a safe and comfortable place to live.
Why Consider a Family Opportunity Mortgage in 2024
Enhanced Eligibility and Financial Benefits
For 2024, the FOM allows buyers to put as little as 5% down on a home intended for their elderly parents. This low down payment requirement significantly reduces the initial financial burden, making homeownership more accessible and affordable for families. By treating the purchase as owner-occupied, you avoid the higher interest rates associated and downpayment requirements with investment properties, leading to potential savings of thousands over the life of the loan.
Have your Parents Living Closer to You
Purchasing a home for your parents near your own can strengthen family bonds and facilitate easier caregiving. The FOM program recognizes the importance of proximity, offering flexibility not typically available with second homes or investment properties.
Aging in Place
The FOM enables families to select homes that are ideal for aging in place. This means finding properties that meet the specific needs of seniors, whether that's accessibility features, a single-level layout, or proximity to medical facilities.
Your Next Steps
The Family Opportunity Mortgage presents a remarkable way to provide for your elderly parents, combining financial savvy with compassionate care. The updates for 2024 enhance its appeal, making it a more accessible and financially attractive option for families. As a Senior Real Estate Specialist, I am committed to ensuring your loved ones spend their golden years in comfort and dignity. If you're considering this option, I'm here to help navigate this journey, ensuring you find the perfect home for your parents' needs and preferences.
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Mortgage Lender
Let me guide you to one of my Preferred Lenders who are versed in Family Opportunity Mortgages. They can guide you through eligibility, application, and securing favorable loan terms.
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Evaluate Finances
Assess your financial readiness, considering the mortgage and additional homeownership costs such as taxes, insurance, and maintenance.
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Hire SRES Realtor
As a Senior Real Estate Specialist, I offer expertise in addressing the unique real estate needs of seniors. My role is to guide you toward properties that not only meet your parents' immediate requirements but are also conducive to aging in place. Leveraging my expertise ensures a focused and effective property search, emphasizing accessibility, safety, and comfort.
Find the Property
With my specialized knowledge, we'll find the perfect home that supports your parents' independence and well-being, taking into account their current and future needs.
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Close the Deal
My knowledge of the unique needs of seniors will equip you for this transition. I'm here to make this process as smooth as possible, providing peace of mind and informed decision-making support throughout.
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Are you or a loved one is in need of downsizing or becoming empty nesters?
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We hope this helps you begin your process of downsizing or empty-nesting. We're excited to start this journey with you.