This mortgage option can help people in various circumstances. For instance, the program is relevant when you seek mortgage financing for a disabled adult child or elderly parent The best part about the program is you won't incur the expense associated with purchasing an investment property.

• You won’t incur the expense associated with purchasing an investment property.
• Low down payment requirements
• With respect to elderly parents, the Family Opportunity Mortgage is a great option because it allows adult children to help with housing expenses.

• The elderly parent or disabled child must be unable to work or not have sufficient income to qualify for a mortgage on their own.
• There’s no distance requirement on where the primary residence is located.
• The elderly parent or disabled child does not have to be on the mortgage or title unless they prefer to do so.

• Imagine your mother or father (or both) live in a different state, and you need to move them back to Hampton Roads. With the Family Opportunity Mortgage, your parents can live independently while the home, which you own, builds equity.
• In another situation, a client purchased a home for his mother. At the time, the mom lived with the client but preferred to have a place to call her own. The Family Opportunity Mortgage allowed the mother to live alone but the child (the client) paid the mortgage.
• Here’s one more real-life situation. In North Carolina, a client wanted to buy a home for his mother because the mom was living with a roommate until the roommate moved out. The cost of living became too great.