How to Pay for University Housing

For a student's first year of a long university education, there is no experience like living in a university dorm. When it comes to paying for multiple years of accommodations, it can get quite expensive.

One option available to some parents is to buy a home in the city where their child is attending university and rent out the rooms to other students. The parents' own student would act as the onsite property manager.

This is a long term plan and could work out well for the student by having the parent put the child (of legal age) on title with the property becoming their first home after university. Chances are the student won't continue to live in the same city where they went to university, so the option exists to rent out the property, harvest some of the equity for their next downpayment or sell the property.

Coming up with the downpayment can be a challenge...enter the reverse mortgage. Access the equity in the parents, or grand parents home tax free with no mortgage payments. Consider it a warm inheritance. Lots of options, all of which I would be happy to discuss with any interested home owners and buyers. Give me a call at either 604-818-2840 BC or 613-451-2878 ONT or send me an email john@canadianmortgagefinders.com