Have U Heard Of Chase Family Opportunity Mortgage ?
Hi All ,
I was reading on the net, and came across a article about Chase Family Opportunity Mortgage.
It was very interesting to me because it talked about Adult children being able to buy a house , and obtain a mortgage loan for their parents to live in without it affecting their ability to purchase their own primary residence. The article also talked about parents buying homes for their college students to live in while away at college, and it would be treated like the parents second home, and not an investment property.
I was wondering if anyone else has heard about this loan, and can furnish some more information. I called Chase, and you have to leave your number for a loan officer to call you back, and the loan officers are always in the field. ( I did call and left my number ).
I would love to have some more information about this loan, because I am facing this situation now as a Senior Parent, and my Son wants to help me.
Any information you might have would be appreciated.
Thanks !
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"Problems Are Solutions Dressed In Work Clothes "
[ Edited by rbjj on Date 01/23/2008 ]
I did the same thing. I used a second home mortgage to buy a place for my father to live in. I just put the circumstances in front of the loan officer at my neighborhood bank. She came up with the suggestion that I could finance the purchase as an owner occupied second home as long as my father was going to be the resident.
This loan product is not unique to Chase.
There is legislation regulating Lease Options in Texas, but Lease Options are not illegal. One just has to read the law and follow it.
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