Taking over a mortgage for a relative in distress.

[Chaliyah Penick]

I have a relative that is up in age and no longer able to afford the mortgage and are falling behind. They have a balloon payment for the principal due in 10 years. How do I help them stay in the house, while getting the deed in my name? I would like to work out a payment plan whereby they pay me while I have control of the rights to the mortgage then in 10 years I pay off the principal. What are the steps to getting this accomplished? How do I protect myself in this situation, while also helping a relative? If anyone has experience with taking over a mortgage, I’d appreciate your insight. 
Thanks so much. 

[Chris Seveney]

Quote from @Chaliyah Penick:

I have a relative that is up in age and no longer able to afford the mortgage and are falling behind. They have a balloon payment for the principal due in 10 years. How do I help them stay in the house, while getting the deed in my name? I would like to work out a payment plan whereby they pay me while I have control of the rights to the mortgage then in 10 years I pay off the principal. What are the steps to getting this accomplished? How do I protect myself in this situation, while also helping a relative? If anyone has experience with taking over a mortgage, I’d appreciate your insight. 
Thanks so much. 

Is there equity in the property? If so they can look into a reverse mortgage. That is the best option if you are truly trying to help a family member.

you cannot get control of the mortgage, you can do sub2 but you are not in control, the bank could call it due if they see the property transfers title.

The other way is for you to buy it from them at market rate, then rent it back to them at market rate. That way you control it, they may get some $ from the sale to pay you rent and you own and control the property