House poor family with fully paid off house in Westlake/Eanes

[Daniel Tisdale]

Hi all,

One of my family members has a house in the very desirable Westlake neighborhood and the Eanes school district. It is fully paid off and worth around $1 million today. They are coming to me with help about what to do because they don't have much money other than all of this equity in their house. 

Ideally I'd like to keep this property in the family, so I'm trying to think of some creative financing strategy that would allow me to buy it from them through seller financing or some other mechanism and allow them to retire with their house equity.

Does anyone have any creative strategies to help them that I am not thinking about?

One idea is to purchase it from them using seller financing and then rent the property back to them, but not sure if that makes much sense.

Thanks in advance,

Daniel