Posted by Michael Morrongiello on March 07, 2000 at 16:00:10:
Your mom can sell to you the property and take back a purchase money mortgage secured by the property with repayment terms that are agreeable to you. That mortgage can then be purchase from mom for CASH. From the cash proceeds paid for the mortgage we would retire any existing debt, bring all taxes current, etc.
When the “dust settles” after the closing you would have one mortgage payment to make on that mortgage note which was sold.
The actual repayment terms of the mortgage you will be paying on are very important in deteriming how much cash can be generated to you mom above and beyond that payoff.