Chase Family Opportunity Mortgage Helps Families Buy Homes for College Students, Senior Citizens.ISELIN, N.J. -- Chase, one of the nation's leading residential housing lenders, today announced Chase Family Opportunity Mortgage, to help consumers buy a home for their children attending college or for their elderly parents. For parents of college students, Chase Family Opportunity classifies the property as a second or vacation home Vacation Home A home separate from an individual's primary residence that is used for recreational purposes and may also be rented out at unused times. Notes: For tax purposes, those who rent their vacation homes may result in a lower amount of allowable expense . As a result, the parents could pay $2,600 less in points on a $150,000 second-home loan than on a rental property mortgage, where points up to 1.75 percent of the loan amount may be charged with a 10 percent down payment. Consumers can help their elderly parents purchase a property if the parents cannot qualify on their own credit. The property would be classified as a primary residence for the elderly parents. In both cases, consumers provide a home for their loved ones loved ones npl → seres mpl queridos loved ones npl → proches mpl et amis chers loved ones love npl and invest in another home. "Both senior citizens and college students often face financial limitations," said Tim Foley Thomas David "Tim" Foley (born January 22, 1948 in Evanston, Illinois) is a retired American football player. Foley starred at Loyola Academy in Wilmette, Illinois before moving on to Purdue University, where he received All-American honors as a defensive back in 1969. , senior vice president of product development at Chase. "Chase Family Opportunity Mortgage helps families bridge these financial gaps." The U.S. Census Bureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United States Bureau of the Census estimates that 18 million students will be in college this fall, and that 36.8 million people were age 65 or older in 2005. The specifics for loans benefiting college students include: * The property must be a reasonable distance from the parent's home to be a second home * The parent(s) may not own an additional second or vacation home in the same locale * The parent(s) must apply for and qualify for the loan * The student is not an applicant and does not factor into qualifying for the mortgage * The parent(s) own the property, but may put the student's name on the title, if he or she is of legal age The specifics for loans benefiting elderly parents include: * The elderly parent(s) must have insufficient income to qualify for a mortgage of their own * There are no distance requirements for the location of the parent's residence * The adult child(ren) is the primary source of loan qualification although the elderly parent(s) and adult child can both apply for the loan. The elderly parent(s) are not required to be on the loan * The adult child owns the property, but the elderly parent(s) may also be on the title Chase is an Equal Housing Lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. . About Chase: Chase originates $170 billion in residential mortgages and home equity annually, and services a portfolio of more than $600 billion. The home lending division serves borrowers nationwide through 2,000 local loan officers in 270 mortgage offices and more than 3,000 bank branches, as well as approximately 500 representatives in call centers. In addition, the Chase Business-to-Business channel serves mortgage brokers and bankers in all 50 states through 15 processing centers and more than 800 account executives. Parent company JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. & Co. (NYSE NYSE See: New York Stock Exchange : JPM JPM J. P. Morgan Chase & Co. (stock symbol) JPM Juan Pablo Montoya (formula 1 driver) JPM Jabatan Perdana Menteri (Malaysia) JPM Journal of Property Management ) is a leading global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firm with assets of $1.5 trillion and operations in more than 50 countries. Information about Chase's mortgage products and services is available at www.chase.com. |
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