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Move over Wells Fargo, Bank of America, and other mortgage lenders, you’ve got new competition: grandpa and grandma.
Not content with the measly rates from bank accounts and other safe havens, some grandparents are doing real estate deals with their grandchildren who are struggling in the red-hot housing market.
The grandparents get a double return: one from the interest payments on the mortgages, and the second in the satisfaction of seeing the next generation of their family into their first homes.
“They treat it as almost a business investment, not just a gift,” said Mary Gillach, a real estate agent at the Gillach Group. “Grandparents want to help their grandchildren obtain the benefits of owning their own homes. So they help in a number of ways.”