Buying Parents House

[Scott Gordon]

A friend of mine reached out for help. His parents are in their 90’s and still live in their home but he is wanting to buy their home to take one thing off their plate. They owe $60k on the home and it’s worth ~$110k. What’s the best, legal way for him to do this? Can he just buy it for $60k to pay off their mortgage or will their be some sort of tax/financial implications for getting the home this way (I.e. if they go into a nursing home in the next year or so etc.)