Caveat: Your family member would remain liable to the lender if he allows someone to assume his mortgage. Thus, he/she would have to pay the mortgage should the person who assumes it default.

All the best,

Robbie L. Vaughn, Esq. (Robbie Vaughn)
631-277-4907

Long Island, Brooklyn and Queens Real Estate & Bankruptcy Attorney.
Broker/Owner of Bayview Estates Realty of Long Island.

Rlvaughnlaw.com
Bayviewestatesrealty.com

Disclaimer:
No Attorney-Client, or Broker-Client relationship is formed until we have a signed agreement. This is not legal advice. Please verify any and all information provided to you.

Equity, appraised value, good credit, steady income will all come into play. The bank does not have to agree to someone assuming the mortgage if everything doesn't come together as showing this person is a good risk. Additionally, with interest rates so low, perhaps a new loan will offer an interest rate lower than what the rate is currently. Read and understand what the current loan terms are and talk to another lender to consider your options. Good luck!