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The Bank of "Mom and Dad" is no longer just for down payments

Veuillez noter que cet article se trouve sur une plateforme tierce et qu'il n'est disponible qu'en anglais.

Parents have moved beyond helping their children with a down payment, with high home prices and interest rates forcing them to co-sign on mortgages themselves.

For first-time homebuyers, adding their parents’ income on a mortgage application can make the difference between being able to purchase a home or not. But mom and dad should keep in mind the potentially complicated tax and financial considerations related to putting their names on the title, experts say.

Click here to read the full article by Irene Galea and Erica Alini, originally published on The Globe and Mail on October 29, 2023, featuring insights from Aaron Hector, Private Wealth Advisor.

The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional. No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability or its contents or for any consequences arising from its use.