legacy of homeownership
real estate
Every parent laments or rejoices that children aren’t children forever. We never stop worrying and wanting to help them. We continually nurture and nudge them to fly out of the nest. As parents, it is always our goal to make the lives of our children more comfortable and easier than our own. Naturally, we can only do so much, but with a little extra moral support, financial guidance and possibly some cash assistance we can help them build and furnish a nest of their own.
Homeownership experts advise parents to move their children in the direction of understanding the value of saving and making sound real estate investments. Imagine the peace of mind, (as well as the home away from home) you'll enjoy secure in the knowledge that your children and grandchildren are living better lives, in a comfortable homes and safe neighborhoods
As parents, we are accustomed to shelling out cash to our children. If young adults are finding it hard to jump start their lives, parents are of course, always willing to help. You may offer your children help by paying the down payments on homes they are eyeing. Other than that, you could also give them the money in a form of a gift. This way, your children can have startup money for them to own assets. They could opt to take jobs to repay their mortgage or other dues related to the investment.
Of course, short of actually purchasing homes for our children or providing the down payment, there are a number of methods at your disposal to help your loved ones with that first home acquisition, without running the risk of continued dependency on you.
If we want our young adults to really be responsible and acquire the homes and assets for themselves, we could opt to cosign a loan for them. This way, we would be acting more as guarantors so that lenders would surely lend our children the money they need to make payments for the assets. Just be diligent in reminding them that they are responsible for building their own credit.
When we help make them more responsible and able we are also helping them become more productive, which, in the long run, is best all around.
Chase Legacy Homeownership Tour provides workshops and one-on–one consultations to realize the benefits of considering a home as an asset.
FHA, Fannie Mae, ACORN and NACA of Chicago are also good resources for assistance.
For more information visit www.chase.com/legacy.
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