refinancing and adding my name to the title

im a college student who makes a pretty decent amount of money working full time. my parents have lost alot of money in the economy, and my dads best friends/financier recommended for them to refinance our house but in order to do so, they need to add my name to the title to add my income to it even though they would fully pay it. plus if they died the title is under my name with no inheritance tax. this does not bother me at all, but i just started a small online business as a llc, and wondering, what will the house under my name do to my taxes. will both my parents and i be able to deduct the interest? will i benefit at all during tax season? thanks.