Tuesday, March 9, 2021 / by Vanessa Saunders
An affordable way to provide a home for your elderly parents.
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
As more and more Baby Boomers age, many are turning to assisted living to see them through their "golden years." But the costs of eldercare programs and nursing homes are skyrocketing. In many cases, it may actually be more cost effective for children of elderly parents to buy them a house instead of putting them in a nursing home. Even in conjunction with in-home nursing visits, it can be more affordable (not to mention more comfortable) for them to live in a conventional house than a nursing home. For that reason, some children of elderly parents are considering buying them a house instead.
Until recently, the problem with this solution is that because the children financing the home aren't owner-occupiers, they would need to buy the property as a second home or an investment property in order to secure a mortgage. Inconveniently, to qualify, second homes need to be 50 to 100 miles away from the b; ...
As more and more Baby Boomers age, many are turning to assisted living to see them through their "golden years." But the costs of eldercare programs and nursing homes are skyrocketing. In many cases, it may actually be more cost effective for children of elderly parents to buy them a house instead of putting them in a nursing home. Even in conjunction with in-home nursing visits, it can be more affordable (not to mention more comfortable) for them to live in a conventional house than a nursing home. For that reason, some children of elderly parents are considering buying them a house instead.
Until recently, the problem with this solution is that because the children financing the home aren't owner-occupiers, they would need to buy the property as a second home or an investment property in order to secure a mortgage. Inconveniently, to qualify, second homes need to be 50 to 100 miles away from the b; ...
