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Reply to "Buying a Home for Elderly Parents ("Family Opportunity Mortgage"?)"
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[quote=Anonymous]I am starting to think about buying a home nearby for my parents. They are retired and live on Social Security, and do not have the means to purchase a decent home in this area on their assets/income alone. I've heard that there is something called the Family Opportunity Mortgage which allows you to purchase a 2nd home and treat it as "owner-occupied" (lower rates and lower downpayment) if your elderly parents will reside in the home. Anyone know anything about this? Or where to look?[/quote]
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