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ALL IN THE FAMILY!
The title of this post caught my eye. This is a must read because of the way Joy Daniels puts family and real estate together when it comes to financing. Families have always planned for the future and this post underscores some solutions for the present.
In old movies and television shows, families are portrayed as having strong ties between parents, children, aunts, uncles and grandparents. Relatives seem to join together in close-knit unity, sharing their prosperity and giving each other emotional and financial support.
Something you may not have thought about, but is certainly worth some thought is the possibilty of family assistance when it comes to financing a new home. Today, there are still opportunities to return to the values shared in earlier times. Younger family members can be assisted with a down-payment on a first home. Others might benefit from "family financing" on their next home.
By making funds available to family members for down-payments and mortgages, parents, grandparents, and other relatives can earn more favorable interest rates than their savings would normally earn. Such loans can be secured with a first mortgage providing financial protection for the lending family member.
If CDs are paying 1% and mortgage ... more
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