Help for buying a home for retired parents or a disabled child

With all the wonderful amenities and beautiful landscapes our state has to offer, it’s no surprise that Colorado has experienced such a large population influx over the last decade. After all, who wouldn’t want to live in here? That said, the rising cost of living in Colorado has made it difficult for some to purchase a home. 

Recently the Alpine Bank mortgage team has had an increase in the number of questions regarding the best way to go about helping retired parents purchase a home, so they can live out their golden years in close proximity to children and grandchildren. It makes sense, as the price of real estate in Colorado can be daunting for anyone on a fixed income. 

This is a situation in which we’re often able to help. There is a little-known rule, associated with specific types of conventional loans, that allows for children to purchase a second primary residence for their parents’ use if their parents aren’t able to afford one on their own. 

By allowing the property usage to be considered a second primary residence, as opposed to a second home, this allows for the buyer to receive all the same benefits of a traditional conventional primary residence loan. For example, there are mortgages with low down payment options, lower interest rates and other advantages that may be available.

An additional benefit to this rule is that it also allows for parents of a disabled child to purchase a second primary residence for their disabled child to live in. This scenario would also allow for the buyer to receive beneficial loan terms associated with the purchase of a primary residence. 

If either of these situations are applicable to you, contact an Alpine Bank mortgage loan originator today to discuss details.

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