Parents House, Can I "buy" it?

[John Cervera]

Hello y'all,

My parents own their home, and are in their mid 70's. I have a daughter with severe special needs, so me and my parents are trying to figure out a way to generate some income and stability for her long term future. My father and I have talked about doing some flipping, as he has decades of construction experience. At his age, and without a steady income, getting a mortgage or HELOC, seems like not a great idea. Here's my question:

Is there any way to get their home in my name, at a low cost, and allow me to turn around and get a Home equity loan or mortgage. Value is 400k ballpark

Thank you all for any help

John

[Bjorn Ahlblad]

Talk to an accountant. Your parents can 'gift' you the home. It is a tax free transaction. They can continue to live in the home or not, that part is up to you.