Should I take over my mom’s house
Hi guys, looking for advice on a major decision. I recently moved back to stay with my mom (single) late 60s close to retirement who was unable to manage the house on her own (i.e., general maintenance and bills for the house). Me and my wife recently married in our early 30s have posed the idea of my mom transitioning the house into our names by adding our names on the renewal (this year in October) and then eventually (after 5 years) she can remove her name from the property.
My wife currently stays with her parents, but will be moving in to the house in a few months.
The house still has a significant mortgage of about $500k, but with my income and my wife’s, we will be able to afford. We also want to keep the property because 1. based on the size of the house and the area, we won’t finding anything cheaper than $800k and 2. My mom will be staying with us roughly 4months/year when she retires and we would like something that is spacious as we will be will planning on having a baby as well in the near future - as opposed to the newer homes that are significantly smaller in size for that mortgage amount.
The idea is, we absorb my mother’s mortgage, and we pay $X to her (which is roughly the amount of a deposit for a house) for her to transition the house to our names. We would have everything drawn legally of course and have contingencies on things like divorce or we sell the house.
Wondering:
- Is this is a viable option at all?
- What are things I should be careful about / consider with this decision?
- Who do I consult with to enact this move.
Thanks for your support in advance.