I’m planning on moving into my mother’s house and she is moving out.If I take over my mother’s home equity payments on her home; without getting the loan in my name, does my name have to be on the deed? I would like to make the loan payments to her until next year my financial situation will greatly improve. At that time, I would like to apply to take over the remainder of the loan with the bank. If something, God forbid, should happen to her in that year, could I keep the house as long as I kept paying the loan every month?
I’m not interested in doing a land contract.
Ok, what I meant when I said that I was going to assume her loan, is that I’m going to get my own loan to pay off her loan. But, what about the deed? Does being on that give me any rights? I’m not trying to be sneaky about this. My mom and I are in agreement. It just seems easier this way. She cannot handle the house and the property taxes anymore and I want to live in the house, but I’m not eligible for much of a mortgage yet. I’m going to pay everything pertaining to the house.