Taking over my perents house

[bigarmin88]

What is the name of your state (only U.S. law)? PA
My parents own a house that I want to take over and put it in my name.I also want to put the moragage in my name also.I was told we would have to do a closing.My question is how much will it cost and im not buying the house its would be consider as a gift.How will this work?

 

[FlyingRon]

You have to do two things at a minimum: have the parents deed the property to you and get the mortgage converted.

The first is a simple enough thing. Getting the mortgage changed is more involved. You MIGHT be able to assume the mortgage with the permission of the mortgage company. Applying for a new mortgage to pay off the parents existing one will be the most likely option. If you do the latter, the deeding can be rolled up into the mortgage closing.

I'd recommend owners title insurance.

Depending on the age of your parents, this GIFT may be a very bad idea for them. Note that the value of the equity may trigger gift tax reporting.