Jess - Cherry Point Real Estate

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
What Is a Family Opportunity Mortgage? How Does It Work? | SoFi
Lets Talk!

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It's official, you've received an offer on your home!

Congratulations!

This is such an exciting milestone, but the work isn't over yet. After accepting an offer, you have several responsibilities as the seller. Here are some of the things you can expect:

• Sign the purchase agreement:
This is a legally binding contract that outlines the terms of the sale, including the purchase price, closing date, and any contingencies.

• Provide disclosures:
You’re legally required to disclose known defects or problems with your home. Things like structural problems, lead paint, and any history of flooding or fires.

• Cooperate with the buyer's inspection:
The buyer will have a home inspection performed to identify any major repairs or issues with the property. You’re then on the hook for repairs agreed upon by you and the buyer.

• Get your home appraised:
The lender will order an appraisal to determine the value of your home. This is necessary to ensure that the buyer is not borrowing more money than the home is worth.

• Clear the title:
The title company will conduct a title search to ensure that you have clear ownership of the property and that there are no liens or other encumbrances on the title.

• Attend the closing:
This is where you will sign the final paperwork, transfer ownership of the home to the buyer, and receive your check of seller proceeds!

Selling your home is a huge undertaking - but a cinch if you have the right team of professionals. If you need help with your next real estate adventure, I’d love to help. Send me a message or give me a call, and I’ll be in touch.

This new construction home is now 100% complete! This home turned out so beautiful 😍