What is a Family Opportunity Mortgage?

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A Family Opportunity Mortgage is an individual mortgage option created for helping families support their relatives who cannot qualify for a loan individually. It enables the borrowers to finance or re-finance a home for elderly parents, other successors, children, or other relatives who are incapacitated. Hence, the property can be used as the borrower’s resident even if the person does not stay there, which means that it can be considered as the first property; as a result, it is possible to receive better interest rates and more favorable conditions as compared with the traditional investment or a secondary home loan.

Source: https://accountingbyte.com/family-opportunity-mortgage/

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