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Buying my parents property at 20% of its value
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^ this. Draft a loan agreement (so you effectively loan your parents the monthly mortgage payments) and then it will be easy to net the loan balance off of the value of the estate should the worst happen.Why don't you and your sister just pay part of or the rest of the mortgage for them, by way of helping them out?
That way, no deprivation of assets, they will remain in the property and you and your sister would inherit when the time comes (dependant on any care home fees that is, but their home would not come into consideration where one of them were still living there).
Much easier (and cheaper) than trying to buy their house and meets your requirements 100%.0
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