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Colorado Mortgages for Disabled Children & Retired Parents

Colorado mortgage holders

With all the wonderful amenities and beautiful landscapes our state has to offer, it’s no surprise that Colorado has experienced such a large population influx over the last decade. After all, who wouldn’t want to live here? That said, the rising cost of living in Colorado has made it difficult to purchase a home. 

Recently, the Alpine Bank mortgage team has had an increase in the number of questions about helping retired parents purchase a home. Many retirees want to live out their golden years in close proximity to children and grandchildren, but face financial obstacles. It makes sense, as the price of real estate here can be daunting for anyone on a fixed income. (Every potential buyer’s situation is different, of course–you may want to use to use a Colorado mortgage calculator to get an initial bearing on your options.)

This is a situation in which we’re often able to help. There is a little-known rule, associated with specific types of conventional loans, that allows for children to purchase a second primary residence for their parents’ use if their parents aren’t able to afford one on their own. We can help you negotiate smaller mortgage loan rates in Colorado.


How We Can Assist With Colorado Mortgage Interest Rates

By considering their property a second primary residence, as opposed to a second home, the buyer receives all the same benefits of a traditional conventional primary residence loan. For example, there are mortgages with smaller down payment options, low interest rates, and other advantages.

An additional benefit to this rule is that it also allows for parents of a disabled child to purchase a second primary residence for their disabled child to live in. This scenario would also allow for the buyer to receive beneficial loan terms associated with the purchase of a primary residence. 

If either of these situations are applicable to you, contact an Alpine Bank mortgage loan originator today to discuss details. Whether for mortgages, refinancing, or home equity loans, Alpine Bank is here for your needs.

About This Author


Alpine Bank Staff

Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado’s Western Slope, mountains and Front Range.

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