Adding Son to My Mortgage

[Account Closed]

I currently own a rental home that still has about $60k on the mortgage (off $100k) value; I'd like to add my son's name to the mortgage so that he might be able to use some of the equity on a payment for his own home. (Is that even possible?) So my main question is: Can I add him to the mortgage without refinancing? Does he have to then qualify for the mortgage as well?

[Frank Jiang]

You want to add your son to the deed, not the mortgage.  The mortgage is nothing but a liability.  What you are planning to do would introduce a ton of debt to your son's personal balance sheet without adding a corresponding asset.

Even then, this method is overly complicated in your situation.  You should simply do a refinance on the house on your own and then gift the money that you pull out of the rental to your son as @Alwyn John stated.