18: Mortgage Insights w/ Jeffrey Bochner

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Manage episode 288603047 series 2842580
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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: (301) 370-5874
Email: jeffrey.bochner@citi.com
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.
Jeff also explains why couples considering a divorce should consult with a mortgage lender prior to going too far in the process with attorneys. It will not help anyone if there is a fight for the family home only to find out neither spouse makes enough income to keep the house (assuming there is a mortgage that needs to be taken over). And, if the house is going to stay with one spouse, the monthly mortgage could play a significant role in determining spousal support.
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

For more information about Special Needs Navigator you can find us here:
Schedule your free consult: https://meetings.hubspot.com/eric1021
Web: https://www.specialneedsnavigator.us/
Blog - https://ejorgensenwordpresscom.wordpress.com
Podcast (ABC's of Disability Planning) - https://audioboom.com/channels/5039157
Facebook: @SpecNeedsNav
Twitter: @NeedsNavigator
Resource store (free downloads too) - https://www.teacherspayteachers.com/Sellers-Im-Following/Add/Special-Needs-Navigator

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