A growing number of parents are helping their adult children buy their first homes.
If you’re looking for ways to help your own kids step onto the property ladder, here are a few ideas:
🏡Gift money toward a down payment. If your own financial house is in order, you may be in a position to help your child take their first step on the property ladder.
🏡Cosign the mortgage. Make sure you understand the risks beforehand, but cosigning could help them qualify for a better mortgage rate.
🏡 Loan them the money yourself. If you’re in a position to do so, you could charge them a lower interest rate than a bank. However, make sure you understand the tax implications.
Before you get started, you should consult with a tax and/or legal professional for advice. Reach out with any questions or for a referral.
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