A reverse mortgage is available to homeowners 55 and older, and allows them to access a portion of the equity in their home. Unlike traditional mortgages, reverse mortgages do not require any income qualification or monthly payments.

Instead, the mortgage is repaid with accumulated interest when the homeowner sells the property.

There is a lot of attention highlighting the challenges first time buyers are experiencing. As a result, many parents are looking for ways to support their children in achieving their goal of home ownership.

So, Instead of depleting savings or retirement funds, parents can leverage equity in their home, and generate a lump sum that can be gifted to their children, helping them qualify for a mortgage.

As with any major financial decision, it’s always a good idea to speak with a professional before making a final decision.