Adding Son To Mortgage
I live in Maryland and own two homes. the second home I own my son lives in. He used his own money to purchase this home but he was in school at time of purchase so it is in my name only now. He has lived in the home for 5 years and now wants the home to be in his name and his wifes name. I want to retire soon and want my name off the the mortgage can he assume the loan? and if so will I half to be liable for any taxes or capital gains since this has always been his house but I just help him get it while he was in school . I understand I can refi and add him and his wife to the mortgage ,should I stay on the mortgage with them or can I remove myself without any problems tax wise to my son or myself......Thany you for your time
can someone reply please