Allowing your mom or dad to live at home in a property you provide is a wonderful gift - a way to say thanks for all they've done for you, and a way to be sure that they're safe and comfortable. If you're thinking about buying a home for a parent, you have several options to consider. Many adult children of aging parents purchase a rental home, then loan or rent the residence to their parents for free or for a low monthly fee. Others buy the house as a second home in order to reap some great tax benefits. There are also children who help their parents get into a home by signing on a mortgage together.
If you can afford to buy a home for your parent, and are prepared to pay the mortgage for the foreseeable future, you have choices to consider. How you proceed with buying a house for a parent depends, in part, on how you'll finance the purchase and whether you can get the loan you need. Source: Market Insider-Insider Tips
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