@xmasbaby0 wrote:
I will add that you should also consult an elder care attorney about the wisdom of gifting the house to you. If your father --who you say is in poor health-- ends up needing Medicaid and going into a nursing home at some point, Medicaid has a five year clawback on "gifts" given by your father. It would be a good idea to do some serious estate planning.
This is critical. See an Elder Law specialist for your estate planning needs. When a parent "gifts" a house to a child, there can be several very bad outcomes, regardless of whether you can make the gift without screwing up your mortgage. (You could be required to pay up to half or more of the value of the gift back to your father to pay for his medical care, which might force you to sell the house or refinance.)
Besides losing the house to Medicaid, the child can be hit with capital gains tax when selling the house, that can be avoided if proper steps are taken in advance.
