Advice on Gift of equity transaction

[Oscar Buendia]

Hello everyone,

I asked in another forum how I could take over a mortgage loan (37K ) (home value 100-120k) for a disabled family member was told the best course of action is "to find a local lender familiar with the nuances of gifts of equity AND the "principal residence guidelines apply if..." exceptions for if/when you are providing housing for a disabled/sick/retired parent (which you ARE doing it sounds like, so this isn't being sneaky or fraudulent). You're going to want to layer these two things: the GoE and principal residence exception for disabled parent. These two things together are going to get you the lowest rate possible and keep your funds liquid, without incurring mortgage insurance." 

Does anyone know how I can make this happen? I have been calling lenders left and right and they all say that it would have to be an investment loan which is not what we want to do.