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Reply to "Buy parents' house outright or private reverse mortgage?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Just help your parents without taking their house.[/quote] OP here - if we do this as a pure gift, without getting equity in the house (either through outright sale or reverse mortgage), we would exceed gift tax limits, so this way we can actually assist parents more. Also, parents are proud and don't want to ask for help, so structuring it this way makes it more palatable to them. And, there are other siblings who don't have the finances to help parents in the same way, so this helps with equity of eventual inheritance, which has been discussed and agreed to by all siblings as being the most fair (i.e., each sibling will eventually get a proportion of inheritance based in part on what they put in over these remaining years). [/quote] You can each gift them separately so that’s $40k a year. Or, pay directly the bills. [/quote]
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