My mother is 80 years old and has an original mortgage on a condo, which is the first home she ever owned. It is a 30 year mortgage that has principal remaining of $31,000. She wants to put the condo in my name. What is the best way to do that? Should I buy it with a new mortgage for the $31,000?
It will need to be sold to you following the procedure your state law requires. The lender may require that the loan be paid off in order for him to release ownership rights. That would require a payment from you, which means cash that you have available or a new loan.
Not knowing the loan terms for your mother's mortgage, it can only be surmised that the lender may consider adding you, instead of paying it off. That is between you and them. Look at that as a part of your mother's estate planning. You should speak with a qualified individual so that your mom is taken care of and there is minimal tax loss to any of you.
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It will need to be sold to you following the procedure your state law requires. The lender may require that the loan be paid off in order for him to release ownership rights. That would require a payment from you, which means cash that you have available or a new 