There was a time when if you wanted to buy a home, you had to save the money. That was in the days when you could put down $1,000 and you were well on your way. While some have the resources to put together the funds, more often than not younger people need help with their first home purchase.
A recent study by the Bank of Montreal indicates that about 42% of young people wanting to buy a home count on money from family for the down payment.
Because house prices are so high, many parents in the Boomer demographic have benefited in that they have a high degree of equity in their homes. The down side is, of course, home ownership is out of reach for their children.
Before the Bank of Mom and Dad opens for business, parents should get some…