03/21/2024
Ok, story time - this one gave me all the feels.
Bru is a client we've helped several times in the past 10 years. During his annual mortgage review, we learned it was his goal to purchase a home for his aging parents vs. putting them into independent care. One reason is because his parents are on a very limited fixed income, in addition, they had minimal savings. Now, in case you didn't know, independent care can be very costly, on average $2500 a month (and in most cases more). The other reason is that there were no independent care facilities/housing close by, which was extremely important as he likes to visit often. His dilemma was, that he did not want to put down the typical 20% and pay the the higher interest rate that comes with an investment purchase. So we bring up the "family opportunity program" where he can buy a home for his elderly parents to live in with as little as 5% down. We connected him with a local real estate professional and Bru was able to purchase a quaint single family home for $300,000 AND it is less than 15 minutes away from his home, with a 5% down payment ($15,000). We were also able to lock in acceptable fixed rate, keeping the monthly expense even below what he was expecting! He and his parents are beyond excited and we are so happy to have had this industry knowledge to help them all achieve a dream!
Moreover, if and when his parents pass, and he no longer needs the home for the original purpose intended, he can turn it into an investment property and generate passive income or sell it and use the equity gained to offset other debts, or invest or whatever makes most sense for him at the time. The possibilities are plentiful!
Now how cool is that?!?
