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Reply to "Buy parents' house outright or private reverse mortgage?"
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[quote=Anonymous][quote=Anonymous]You could always buy it outright and have them pay you rent, in whatever agreed upon amount you decide (i.e. a reverse mortgage that pays you). If you have concerns about their money management, then look into setting up a POA.[/quote] I think these are called sale-leaseback agreements and can work well within a family. There are existing templates and guidance on how to make these work. It would probably be worth it to work with an attorney specializing in eldercare issues to optimize and address any potential pitfalls.[/quote]
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