Advice on Family Property Takeover

Hi All,

Wife and I have been renting a room in my MIL’s home. She also lives in the home which is located in a highly sought after socal beach community.

The goal for both parties is that my wife and I take over the house, which would include the mortgage (~600k). The current value of the home is much greater than the mortgage, so we are not sure of the legal ramifications.

She has a high mortgage loan rate due to her own debt/credit history, so we want to adjust that, and quite frankly, tread lightly before we take on any liabilities.

I figured the first questions to ask would be:

Possible ways to get on the title without a reassessment and/or major tax implications? With today’s Interest rates rising, whats the best options for taking over the mortgage or getting a new one? (Ie. Co-sign a refinance with our credit score & income while putting us on the title or an Irrevocable trust?)

She doesn’t want anything in return except the ability still to live there after we take over (which we are completely fine with).

Thanks for any suggestions!

PS- Any/all comments will not be taken as legal advice and we are planning on meeting with a Real Estate Lawyer and CPA. Would just like an idea of options before we move forward, legally.

submitted by /u/mbutler100
[link] [comments]

Hi All, Wife and I have been renting a room in my MIL’s home. She also lives in the home which is located in a highly sought after socal beach community. The goal for both parties is that my wife and I take over the house, which would include the mortgage (~600k). The current value of the home is much greater than the mortgage, so we are not sure of the legal ramifications. She has a high mortgage loan rate due to her own debt/credit history, so we want to adjust that, and quite frankly, tread lightly before we take on any liabilities. I figured the first questions to ask would be: Possible ways to get on the title without a reassessment and/or major tax implications? With today’s Interest rates rising, whats the best options for taking over the mortgage or getting a new one? (Ie. Co-sign a refinance with our credit score & income while putting us on the title or an Irrevocable trust?) She doesn’t want anything in return except the ability still to live there after we take over (which we are completely fine with). ​ Thanks for any suggestions! PS- Any/all comments will not be taken as legal advice and we are planning on meeting with a Real Estate Lawyer and CPA. Would just like an idea of options before we move forward, legally. submitted by /u/mbutler100 [link] [comments]

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