While it’s fairly common for parents to provide down payment assistance or other financial help so their adult children can buy a house, eventually some adults decide it’s time for the aid to go in the other direction.Buying a home for your parents and securing some assistance with daily tasks is complicated by financial, tax and legal considerations, but it can be an excellent solution to.
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3 options for buying your parents a home.. Buying a house for parents from Ohio may be the only way a highly paid engineer in California can convince them to move closer, Fleming says. "There’s not a chance in hell that mom and dad could buy a house out here in California," he says.
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But any interest paid on the loan from the parents to buy the property would be taxed in the hands of the recipient. Where a parent buys a house for a student son or daughter to live in, the usual scenario is that the spare rooms are rented to friends.
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What if your parents paid a reasonable amount for rent and food, etc. and you put it away until you had enough for a downpayment to buy the house on your own? And then you continued to use that income to help with the mortgage payments? If your parents are financially able to pay their own way, they should.
It sounds like the primary objective is to reduce the financial burden on parents now so that they can live comfortably in the house in their later years. So, focus on that first. If you can do a R&T refi as @Chris Mason suggests, focus on low payments not interest rate. Yes, each parent can.