I'm curious if anyone has ever done this and if it worked out or not. I have a mortgage on my house, and I plan to keep paying the mortgage and taxes, having the buyer pay me, and putting in a balloon payment in five years. He'd name me as an additional insured on his homeowner's policy. In the interest of full disclosure, the buyer is my son, who is working on upgrading his credit score (it's gone up 100 pts. in the last year). He's also self-employed--the combination of a not-so-great credit score and self-employment probably preclude him from purchasing a home the usual way right now. He is currently renting my other home, which we plan to move into, and he wants to buy the home we're living in now. I would, of course, hire a real estate attorney.
Thank you for any thoughts on this matter.