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Tapping from the Bank of Mom and Dad to buy a house isn’t something most people are willing to speak about openly in North America, but Greg Gordon argues it can be a thing of beauty.

In fact, he mostly did it for mom’s sake, he said.

Gordon isn’t your typical cash-strapped millennial. The McLean, Virginia-based retired journalist and his wife have been taking out family loans since 1991. That’s when Gordon’s father died, leaving his mom, then 64, with only the family home and a modest amount of savings.

Gordon worried that the funds wouldn’t be enough. He was also concerned that all the money his father had left behind were invested in the stock market, exposing his mom to the ups and downs of the market.

To solve both problems, he decided he’d be the one providing her with some steady, low-risk retirement income — by turning her into a mortgage lender.

Early on, Gordon and his wife used one loan to finance the construction of a larger home they eventually upsized to. But they have also been turning to mom to bankroll several real estate investments, as they turned to renovating old homes in the area for additional income.

Continue to read on: Global News