By Anya Martin | The Wall Street Journal
After years of getting help from mom and dad, some adult children are returning the favor and buying their parents a house.
Mortgage specialist Ray Rodriguez cites a recent example in which a couple living in Manhattan cosigned on a jumbo mortgage for the wife’s parents to purchase an approximately $1.5 million condo in Queens.
The parents worked in the restaurant business and could not document a regular income, says Mr. Rodriguez, mortgage sales manager for Cherry Hill, N.J.-based TD Bank. Their daughter and her husband had sufficient income from their professional jobs to qualify for the mortgage. So they got a loan with the home classified as an investment property, and the parents now pay monthly rent.