Backstory, my mom inherited this home from my late grandmother. House has a mortgage and she owns more than 20% equity in the home(there is more I just don’t know the exact amount). I also own a home and about to refinance to remove PMI. My income has gone up significantly since my we first purchased my home. Is there any way I can either assume my mothers mortgage and rent her the house or can she sell it to me with an equity gift equal to what she owns to lower the financed amount? In short: but from mom with equity gift to lower loan amount, rent home to her at less than current mortgage and retain home from family over 100 years. Make sense? Possible?
Submitted November 30, 2019 at 07:58PM by Genericwhitemale86 https://ift.tt/2r0b8o9
