Is there a program that would allow my sister to buy a home in which to care for my elderly parents?

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My parents currently live in a rented home, but they would like my sister to buy the home and care for them as health needs dictate.

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I have never heard of any program that will help a person purchase a home to help in the care of elderly parents. There is Habitate for Humanity, but not sure your parents would meet the qualifications. No harm in checking into their organization. Also consider pstiegman's comment. It makes good sense.
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She may be able to deduct them as dependents on her tax return if she provides more than 50% of their support. She should discuss this with her accountant or taxpreparer. The purchase of the home would be totally out of sister's own funds, so this could be a LOT of money to spend.
Also consider the health of the parents. If they are going to need skilled care in a few years, it does not make sense to buy the home. Why have a 30 year mortgage to pay if the parents are in a nursing home?
When you say care for them, what do you mean? Is your sister supposed to mow the lawn and tend the garden plus cook clean and do laundry?
Is she expected to dispense medication and change diapers? This is asking too much of one person!! The family should sit down and discuss what the needs are, and ask the doctor if it is time for assisted living or a nursing home. Come to agreement and share the burden equally.
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