I purchased a house as a non-occupant buyer with Mom a year ago. It is her home. Good decision at the time for a few reasons and I put down the full down payment (20%). I am thinking that long term that it would be best if the house is fully under my name to reduce liability for both of us (she is 70+). I have the extra funds to pay it off and could get a 2nd mortgage later if needed.
- Would you agree with my assessment that it would be best if the house is only in my name to reduce liability? Her monthly payment will be lower and we would both still make money once it is sold.
- How do we go about transferring to my name 100% after I pay off the mortgage with no tax implications? Do we go to the county and transfer ownership?