I have been quite outspoken in the past about going to the First Bank of Mom and Dad for financial assistance. As a young man who takes great pride in his generation, I want to be independent from my parents. I appreciate their love and support, but I don't want any form of financial assistance. I feel bad when they buy me dinner now. They have already given me a tremendous amount. That being said, I just read a very intriguing article about people financing their homes through Mom and Dad.

The concept is a structured mortgage which occurs at interest rates lower than the market's normal rates. There are no credit checks, and there is no private mortgage insurance. Sounds like a good deal, huh? I still don't like it. Let's look at some of the bad things that could happen. First of all, let's say that Mom and Dad have a downturn in their financial situation, and they now would greatly benefit from the use of the money tied up in your house. This makes for a pretty uncomfortable Thanksgiving meal.

The obvious worst case scenario is that you can't come up with the mortgage payment for some reason. What, does your Mom show up on your porch to break your legs? I still stand by my theory on money and family.

Embarrassing side note: I had the barista put a squirt of Hazelnut syrup in my latte this morning. I should just stick to the basics. Too hazelnutty.

Meet the Parents-Backed Mortgage