By qualification
Who qualifies
The Family Office Mortgage is built for households with capital. It puts more of it to work on the first day, so that a funded policy is designed to carry the mortgage later.
By qualification
Is it open to you?
The program is offered to households that meet its published criteria. Three ranges tell you where you stand, before you give a name.
01Published in full
The criteria
- 01
Assets of $5 million or more
Total household assets, not counting the home being purchased. The program commits about half the purchase price up front, which a household of this size does comfortably.
- 02
Household income of $500,000 or more
You carry the interest-only payment yourself for the first fifteen years. The program is built around income of $500,000 to $750,000 and above.
- 03
Capital for about half the purchase price
Roughly 20% as the down payment and 30% as the policy contribution. On a $4M home that is $2M at closing.
- 04
A long horizon
The policy has about fifteen years to build before it is designed to fund the mortgage. It suits a home you intend to keep.
- 05
An insurable person
The policy covers a life: yours, a spouse’s or an adult child’s. That person goes through the carrier’s medical underwriting. The insured does not have to be the buyer.
- 06
Mortgage approval
You qualify for the home loan with a lender in the usual way. The program works with your lender or one we introduce.
One range short on assets or income? Kent Chesley reads those requests himself.
02The household
Who it is built for
The traditional mortgage makes no distinction between a household with capital and one without.
You have capital you would rather not bury in a house.
A traditional loan has no use for it. Here, committing $2,000,000 on a $4,000,000 home is what puts the structure to work.
You were going to pay cash.
Paying cash commits the whole price. The program commits about half, and $2,000,000 on a $4,000,000 home stays in your hands.
You intend to keep the home.
The policy has 15 years to build before it is designed to make the payments. The plan is drawn for a household with a long view.
You want the later payments handled.
You carry $16,266.67 a month while you are earning. From year 16, projected policy cash is designed to carry the mortgage for you.
Someone in the family can be insured.
The policy can cover you, a spouse or an adult child. The insured does not have to be the buyer, and choosing well is part of the design.
You work with advisors.
Your CPA and your attorney are welcome from the first conversation. We have written a brief for them.
By qualification
Find out if it is open to you.
Three ranges tell you where you stand against the published criteria. If you meet them, Kent Chesley will speak with you personally.
Prefer to talk? Call him directly at 949-293-8686.