Should I buy my parents home?

[Account Closed]

Hi. My parents want to retire but they will not be able to make ends meet with their mortgage. They owe $325,000 and their house is currently worth about $725,000. I have my own mortgage (owe $235,000) , but my parents asked us if we want to buy their house from them for what they owe if we allow them to continue to live in the house and not pay us any rent. They asked me & my siblings and I am the only one willing to help out. I need advice on deciding what is the best approach for this situation.