Purchase a Home for Elderly Parent - at Primary Residence rates!

Another loan option of which most borrowers (and most lenders for that matter) are unaware is the ability to purchase a home or a condo for an elderly parent - as a primary residence.  So, even though the borrower will not be residing in the property, we are able to structure the deal as a Primary Residence purchase through one of our lenders - and not as an Investment Property as most lenders would suggest.  This gives the borrower the lowest possible interest rates and best terms on the purchase.  AND - it is done without putting the parent on the loan.

Keeping the parent off of the loan is ideal as it takes the credit history of the elderly parent out of the equation *and* often it is in the best interest of those involved to not have assets listed in the elderly parents name, for medicare for example.  This option allows the home to be purchased without putting the parent on title or on the mortgage.

This option - along with the FHA “kiddie condo” option below - is indicative of the type of extra effort we take here at Primacy Mortgage.  This is the new “creative financing” - it’s your lender being knowledgable of every possible loan program and niche that lenders offer, so that you can benefit.  Primacy Mortgage - Our Advice Makes a Difference.

Give us a call if you or someone you know wants to purchase a place for a parent!