22 Mar 2022

Can You Claim Adults as Dependents?

Adults as Dependents and Mortgages

Most people understand that individuals under the age of 18 remain dependent on their parents in the eyes of the law. For lenders, it’s possible to count adults as dependents too.

Sometimes homebuyers must care for their parents. Therefore, lenders see parents as dependents. Lenders need to understand who will live in the house and whether or not they earn an income. The assumption is that those who live in the home and do not earn an income remain dependent on the homebuyer. Thus, it’s a monetary responsibility that they carry into the mortgage application stage. When the homebuyer cares for dependents financially, it lowers their borrowing capacity. Therefore, lenders seek to ensure that the home buyer can keep up with all of their financial responsibilities. 

Mortgage House understands that life has a way of taking control. When parents fall ill, it’s up to the children to care for them. This might entail moving them into the home and providing the essentials. In other situations, the children place the parents in a retirement community and help pay for the costs.

Nonetheless, our loan specialists add this factor into their evaluation. The goal is to ensure that the homebuyer receives loan terms that their finances can handle. 

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Adults as Dependents and Mortgages Conclusion

When applying for a mortgage, lenders will view some adults as dependents. Partners and spouses who do not earn an income count as adult dependents. Parents living with the homebuyer count as dependents too. To explore this topic in more depth, contact our Mortgage House loan specialists today.

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