Q: My mother wants to sell her home to us and live there with us,lender says thats not possible.why???
She's 84,and the home has plenty of equity
A:
If you can pay off the mortgage and buy the home from her, it shouldn't be a problem.
If, however, you are asking about refinancing the mortgage, so that you will owe it instead of your mother, it's a matter of a new mortgage. The lender doesn't have to agree to lend to you instead of her.
I suggest, in the later case, you find another lender.
A:
More information is needed. If you are purchasing the home from your mother with your own financing (i.e., you are paying off her mortgage at closing), then you can do whatever you want. If your mother is signing a deed to you, she still has a mortgage and you are going to make her mortgage payments, then you can do it, but it is possible that the mortgage company will call the loan due for violation of the "Due on Sale" clause that the existing mortgage contains. As long as payments are made, it is probably unlikely, but just know that it could happen. Best of Luck!
Jennifer
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