What are the disadvantage/advantages of assuming my parents' mortgage?My parents have a loan of $137000 left on their mortgage for a home that is now worth $504,000. They need to downsize, and my fiance and I would like to be added to their mortgage and title, and then we would like to refinance the home for $260K so that we can purchase a smaller home for my parents and use the remaining money to renovate the current home. We currently have credit scores over 760. The lender has told my mother that we can be added to the loan. Is there any concerns or risks I should think about?August 16 2013 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.