Reverse mortgages: Understanding the basics

Chase reclassifies properties of parents and children for borrowersMortgagePress.comBuying a home for a child or elderly parent Chase has announced a new mortgage program, Chase Family Opportunity Mortgage, specifically for borrowers that wish to buy a home for their children attending college or elderly parents. The program classifies the property in question as a second or vacation home, rather than a rental home (as would normally be the case), significantly reducing fees and interest. Certain restrictions apply. New York-based Chase is a home equity lender and subsidiary of JPMorgan Chase & Company. For more information, visit www.chaseb2b.com.