Q: I’m in my late 60s and my grandson is looking to buy his first home. He has been saving and almost has enough for a deposit but I would like to help him out as he is my only grandchild. I have heard of people taking out reverse mortgages to help their family buy property. My new wife is not keen on the idea as she does not get along with my grandson. However, I purchased the property before I met her and it is only my name on the title. How do reverse mortgages work and is it a good idea to use one to help my grandson?
A: As we all know, it is no easy task to break into the property market at the moment. Many first-home buyers are needing support from family to get on to the property ladder. It is great that you want to help your grandson in this way, but you should take some steps to ensure you are also well protected.
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