My parents own a house (HouseA) that's already been paid in full. I recently bought another house (HouseB) for my parents; it was purchased in their name (they have excellent credit) but I'm paying the whole mortgage.
Here's the issue: my parents want to put their house (HouseA) in my name. The issue is that I'm married, so if they transfer it to my name and we divorce, then HouseA is divided.
I know this may vary by state, but how can they transfer their house (HouseA, which is paid in full) to my name so that if we get divorced, the house is not subject to division upon divorce?
I was briefly told by a lawyer I know that my parents can "sell" me their house, as in me paying my parents a mortgage. So the mortgage I'm paying now for HouseB (the recently-purchased house) would actually go to the mortgate of HouseA.
In other words, my parents would be the bank and they would be selling me HouseA to me. And the monthly payments I'm currently making would actually go to this new mortgage. So let's say the monthly payment for HouseB (the recently-purchased house) is $800: I would "pay" those $800 to my parents as the "mortgage" for HouseA and then my parents would take those $800 and pay the bank for the real mortgage of HouseB.
Does that make sense or is it something that this person made up?