April 26, 2024 11:18 am
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Some lenders allow adult children to co-sign for parents on jumbo loans

When YouTube star Timothy DeLaGhetto surprised his parents with a check to pay off the mortgage, they were stunned. /YouTube
When YouTube star Timothy DeLaGhetto surprised his parents with a check to pay off the mortgage, they were stunned. /YouTube

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.

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