First, this is at its heart, a legal question that should be put before your momâ€™s estate attorney. There are several factors to consider which they would be best to advise you on.
Most mortgage contracts have a due on sale clause that would prevent the home from being transferred into your name, so unless you are advised to purchase it out right, you probably canâ€™t do what you ask.
There are likely other lenders who could find a suitable loan product for you to buy the house under these circumstances, but again, talk to an estate attorney before you go too much further.
I just went through something like this. Unless you are an only child, I would get the siblings to sign off on this.
Adding you to the deed is simple, but she can not be removed from the deed without the mortgage being satisfied (paid off.)
If you purchase the home from her you could use a gift of equity from her to satisfy the down payment requirement. The added equity you may obtain would usually be offset somewhat by the expense of owning the property until you have established a rental history for the property and have positive cash flow after including an allowance for vacancy and maintenance.
What would be in her best interest is legal and financial advice best obtained from professionals in those respective fields who are more familiar with all the specifics and with local laws. She may wish to opt for granting a life estate if that does not negatively impact whatever other goals she may have.
The advice to speak to a specialized attorney is the best advice.
Your name could only be added to the mortgage via a refinance or a purchase whereas your name can be added to title via a quit claim. What is important for you to investigate, with the guidance of your attorney, is what is best for your mom's-and your-financial situation long term. Let the attorney know what you are seeking to achieve and he/she should be able to set you on the path that is best for you both.
I would refer to your CPA & a Real Estate attorney
Also I would note that improvements are not typically written off, but instead added to the basis and depreciated.
One other option might be a reverse mortgage for your mom, although those are harder to get now.