06.08.2022 - Mortgage
Mortgage Planning for Life Events + Client's Adult Children
Presented by Chris Brady. M.A., Draper & Kramer Mortgage Corp.
The use of mortgage financing can be an important part of a client's financial plan. Join this session that will use case studies to illustrate the mortgage options that merit consideration when clients experience life events such as divorce, the loss of a spouse, job loss or transfer, right-sizing, or aging in place. There will also be a review of the facts clients should consider when helping their children compare the cost of renting versus buying their first home; plus, the pros and cons of clients assisting with their child's down payment or co-signing a loan.
I did not know when and how mortgage lenders look at "cash reserves." Makes sense that retirement accounts are not 100% counted. The slides providing the different criteria for each type of loan, even if I will need to do some post-attendance research to better understand all the options.
I didn't realize that there was not a limit to gifting for owner-occupied property. (As in the Dan-Roseanne case study of parents gifting to children). Just looked it up and found the discussion on the unified gift credit.
Good session today. Learned something re: Credit scoring tips & decent overview of various mortgage programs.