Shared ownership

[Alexalee]

Had anyone sold a share of their house to their children, with them using a mortgage?

I own an 800k house have a 350k mortgage. My son and dil have just sold their house and need to port their mortgage over within 3 months or pay 13.5k fine. Can they say buy 50% of my house, paying off my mortgage and us be joint owners?

No advice but a bump for you. Maybe try the money section too?

How much is their mortgage? Their lenders might be funny if their mortgage takes them up to nearly the value of your house. Lenders will want a comfortable buffer between their mortgage and your house value as any charge would need to come after your own mortgage on the register.

Thanks

Their mortgage is 250k ish

So in reality for ttherebank the is150k equity, but if that didn't cover the liability in a default presumably my 400k equity would be up for grabs too
I have no issue with this