Buying a Home for a Parent

Mortgage and Lending with Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI NMLS #138061 MMCD #1141

Buying a Home for a Parent (or child)


     There's a rise in the United States of multigenerational living - that is, 2 (or more) generations living under one roof.  As homes grow in size more people are taking advantage of in-law suites, multi units, and other property alterations to comfortably accomodate more people under one roof (or sometimes more realistically, on one parcel).  As people grow older and housing grows more expensive, multi generational living is a solution for many.


     An alternative that fewer people know about is a provision within conventional guidelines that allows for family members to purchase homes for each other when one is unable to purchase for themselves.  Even better, this can be done under conventional loan guidelines and with underwriting and rate pricing based on "primary residence" occupancy.  


     This is a wonderful loan options for people who are financially able to assist parents who don't have the financial capacity to support a mortgage for themselves, and also for parents with children unable to support themselves financially due to a developmental disability.  Best of all, underwriting and qualifying is exactly the same as if the purchasing party were buying the home for themselves.  The only additional requirement is a letter of explanation from the parties for why the home is being purchased on behalf of the other party.


     Recently, we closed such a loan in Williamsburg, Virginia where a young couple with a modest home of their own purchased a single family residence for their aging parents very close by.  This allowed the parents independent living without an overwhelming financial burden, and avoided the need for the children to move out of their home to find a home more suitable for mutigenerational living - a true win, win!



Curious to see if you could qualify to buy a home for a parent or child in need of assistance?  Give us a call at 484.680.4852 or get your questions answered instantly by asking an expert here!



Posted by

John Meussner
NMLS ID #138061

It's more than a house - it's home.  So we offer a wide range of mortgage products at competitive prices to help our clients achieve financial security at home.  While we get great feedback on our prices and products, many clients say their favorite part of working with John Meussner & MasonMac is the level of service provided along the way.

Purchase money loans, Refinance, Renovation, Jumbo, FHA, VA, USDA, nonQM, HELOCs, and more

Licensed in
and VA


(484) 680-4852
Call or Text

Email Me

My Blog

Loan Options


Comments (16)

Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

John I am sure our friends or should I say the leaders of Multi Generational Homes would love this post aka Debb Janes EcoBroker and Bernie Stea JD , Endre

Oct 17, 2018 11:39 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, John Meussner this is a very reasonable option to providing some independence for aging parents rather than living under the same roof....

Oct 18, 2018 03:59 AM
Kat Palmiotti
406-270-3667,, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

This is very good information to share, as many people struggle with finding the best solution for aging parents.

Oct 18, 2018 04:06 AM
Liz and Bill Spear
Transaction Alliance 513.520.5305 - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

John, I'm seeing more and more of the generational combining in my niche.  The kids are close to retirement age, but accounting for a mom or a dad to join them in their patio home.  Nice that those with the financial ability can readily purchase a 2nd home for their parents.

Oct 18, 2018 06:44 AM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Yes, this is an amazing option for people to consider. There are so many housing solutions and variations for families - and it's not always sharing the same roof.  Good information, John. D

And Endre Barath, Jr. is right. I do love this post. 

Oct 18, 2018 07:07 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

John- I grew up in a multi-gen home and wouldn't trade it for anything. I'm glad to see more families trying find a solution for aging parents. 

Oct 18, 2018 04:52 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I haven’t had the opportunity to do this but I can see the value in it sentimentally.

Oct 18, 2018 11:18 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Kathy Streib It’s always good when it can work out when everybody can get along in a multi-generation situation. I think it’s different for each case and to each their own.

Oct 18, 2018 11:20 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign


                            thank you, John. 

Oct 20, 2018 06:02 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the post. I will share it with others. I wonder what the tax consequences are.

Oct 21, 2018 05:09 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
Retired New Hampshire Home Stager

I've had several staging consults this year for homes with in-law apartments. It's getting more and more popular!

Oct 21, 2018 08:08 AM
John Meussner

I've noticed the popularity of this option, too.  Makes sense for a lot of people!

Oct 21, 2018 01:02 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

This is really good to know about, John. Thank you. I can think of several people who could benefit.


Oct 22, 2018 12:47 AM
John Meussner

Thanks Jeff Dowler, CRS !  If those folks need a good lender familiar w/the process and what's needed, I know a guy ; )

Oct 22, 2018 11:29 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Excellent post!  Very timely information, too.  More and more generations are moving to this type of lifestyle as baby boomers age.  I saw/heard/read that 10,000 baby boomers retire a day! 

Oct 22, 2018 06:55 PM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Good to know, we're about a year away doing this with a sibling in need. We did not take this path when we should have with a widowed parent. Guess we all can live and learn. Here via Kathy Streib.

Oct 23, 2018 09:02 AM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

I believe this multi-generation purchasing is beginning to take off.  I have three younger sisters. Alice's husband died four years ago. My two other sisters, Linda and Avis live just down the road from Alice.  Linda is legally blind and needs to live with someone. Avis and her are quite comfortable in their 2BR/2BA cottage. Now that they are in their mid 60s early 70s they want to sell their homes and buy a 3BR/3.5BA  house together. THey have found the land and now I just need to get their two homes sold so they can move on.

Oct 23, 2018 10:35 AM
John Meussner

As more Americans age I think this trend will continue, it makes so much sense for so many!

Oct 23, 2018 11:51 AM
Tom Bailey
Margaret Rudd & Associates Inc. - Oak Island, NC

Outstanding post John! It certainly makes for a good option! My grandmother lived with my family from time to time when I was a kid! I loved my grandmother, bit HATED her living with us. I had to give up my room and share one with my sister

Oct 23, 2018 09:01 PM