Inheriting a home?

There are two mortgages on the home that total $106,000 (payoff balance). I want to get a mortgage for $50,000.

I am not looking to purchase the home because I am assuming the home and her other debts. I plan on paying those off since I want to secure the property. The lady at the mortgage company was mentioning closing costs but isn't that when you are selling and buying property?

Also, if I paid off the whole loan amount on a property I will inherit without any 3rd party financing why would there be closing costs? I can pay off the entire amount on my own. I'd rather not though.

Sorry if this sounds like a dumb question but this is all new to me. I have never owned real estate and now I have a home and also land elsewhere in my lap.

Thanks for your help. Of course I will see an attorney I just like to get some insight before hand. Thanks again.

I can't answer all your questions but even when you just re-finance you have to pay closing costs - that is their bread and butter. And I think you have to re-finance to get it in your name.

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