Buying my parents home while they stay in the property/Texas

[Robert Ross]

Hi All, 

My parents are retired and currently live in south texas. They have a 1st mortgage with a balance of $60K. The home is currently worth $190K. Their interest rate on the current loan is 7.5%. Since they are on a fixed income & their credit is not the best (sub 500's), they will not be able to qualify for a refinance. Also, since they are in their late 70's, they want to add me to the deed. Ultimately, the goal is for them to get a lower interest rate, pull some equity out for bills, add me to the deed in the event they pass away, & still live in the property. I'm not sure what is the best route to go with this. I currently have an FHA loan on my personal home and have great credit. What would be the best route to take that would be best for this situation?