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1-4 Family Rider

1-4 Family Rider

For multi-family investment properties with up to four or 2 to 4 owner-occupied properties, a mortgage addendum is typically required. This addendum allows the lender to collect rent from the property if you default on the loan. The rent collected will be used to pay the outstanding balance until the default is resolved. However, if you make timely mortgage payments and do not default on the loan, the 1-4 Family Rider should be fine. The rider is in place to protect the lender in case of default and allows them to use rental income to pay the mortgage.

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