It depends in part on your state law. He may already have an ownership interest in it. I don't know.
Beyond that, though, please check with a lawyer. I don't want to get in the middle of any family fights, but let me say--as delicately and carefully as I can--that what your husband is proposing may not be in your best interest.
He can certainly be added to the title as either a joint tenant or maybe the two of you as tenants in the entirety. That means you two would both be on the title and if one of you died, the other would become sole owner. (But make sure your wills reflect that, too.) If you sold your house to your husband and he then died, the house would go to whoever he'd willed it to--could be a former wife, his children, his brother or sister, etc. It wouldn't necessarily be you.
Also, you paid $127,500 and he's going to buy it for $119,500. How did you establish that price? You're losing a chunk of possible equity.
Beyond that, let's say the calculations are all correct and you get back $44,000. What then? What are you going to do with that?
Please see a lawyer (and probably an accountant) before you move ahead on this strategy.
Hope that helps.