Mortgage Insights w/ Jeffrey Bochner

ABCs of Disability Planning

Since recording this episode Jeff has changed companies. He is now an Area Lending Manager with Citibank. You can connect with him by phone, email, or LinkedIn.
Phone: [phone]
Email: [e-mail]
LinkedIn: https://www.linkedin.com/in/jeffrey-bochner-3689416/
I apologize for the audio quality. I have replaced the microphone used during this interview. Jeff and I are working on getting a new interview scheduled and recorded. When I've uploaded the new episode I will remove this one.
Special Needs families who want to purchase a home for their disabled child, or leave their existing home to their child, may face challenges if there is a mortgage on the property. Lenders want "real" people they can hold accountable, so although the property can (and likely should) be held in a Trust, the loan will have to be assigned to an individual.
If a 3rd Party Special Needs Trust is used to pay a mortgage or any housing expenses, the beneficiary is at risk of having their Supplemental Security Income (SSI) reduced. A better option is to have the home placed in the Trust; take distributions from the Trust to an ABLE account; and use the ABLE account to pay the mortgage, interest, and insurance. This is another example of how working with a team of professionals can help parents - it can be overwhelming making sure all the boxes are checked and keeping up with all the rules.
Jeff explains how talking to a lender, rather than using an online tool, can be more advantageous - because the right lender will seek to understand what families are trying to accomplish and may be able to have their child's home classified as "owner-occupied" rather than as an investment property. This will provide more favorable lending conditions, like a lower required down payment (maybe even as low as 5%) and reduced interest rates.
Fee-Only Advisor groups
XY Planning Network Find an Advisor - https://www.xyplanningnetwork.com/
NAPFA Planning Find an Advisor - https://www.napfa.org/find-an-advisor
Garrett Planning Network Find an Advisor - https://directory.garrettplanningnetwork.com/search-member-profiles

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For more information about True North Disability Planning you can find us here:

Web: https://truenorthdisabilityplanning.com/

Blog - https://ejorgensenwordpresscom.wordpress.com

Podcast (ABC's of Disability Planning) - https://anchor.fm/abcs-disability-planning

Waypoints - https://waypoints.substack.com/

Facebook: @TrueNorthDisabilityPlanning

Twitter: @NeedsNavigator

Resource store (free downloads too) - https://www.teacherspayteachers.com/Store/True-North-Disability-Planning

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