Posted on: 25th Oct, 2010 10:23 am
My parents owe about $160,000 on their home. It was last valued at around $225,000. I want to buy my parents house for the $160,000 they owe on the house and then have my parents continue to live in the house. What would be the best way to do this? I will need to get a mortgage myself to give the money to my parents to pay off their mortgage but I just don't know where to begin.
You will have to check out whether or not there's equity in the property of your parents. You should contact an appraiser and appraise the property. If there is equity in the property, then you should ask your parents to sign a quitclaim deed and transfer the property to you. Once the property is in your name, you can refinance the loan and pay off the existing mortgage.