A recent survey conducted by Legal & General, a financial service agency, found that 1 in 5 home buyers in 2018 relied on private loans from their parents in order to afford the expense of closing.
According to the survey, U.S. parents gave or lent $47 billion dollars to children last year, enabling 1.2 million purchases.
The biggest obstacle for most home buyers was the down payment.
The survey was covered in detail by CBS News. Click here for the full article and accompanying video.
If you need legal representation with buying or selling a home, please contact me at justin@jrmccarthy.com.
Law Office of Justin R. McCarthy 