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This might be an odd one and I am talking to banks and lawyers, but thought someone here may be able to help. I have a house out of state that my younger brother has been living in for over 10 years. I would like to give him this house. This would consist of him taking over the payments of my 1st mortgage and Equity Line of Credit on the property – which he has in effect been paying in rent for years. I’m open to keeping the mortgages in my name if we can also get his name on them and the title, or any other ideas. He is younger and has just begun creating a credit history so his score is not good (not sure exactly and will find out but last I knew it was not good enough to get him a refinance in his name alone). If it matters both the 1st and Equity LOC are around 100K for a total owed on the property of about 200K. An appraisal would put the value between 210K-250K. Does anyone know of a way to do this?
Thank you all!