Transferring A House With A Mortgage From Parent To Child

Background : My family has 15 acres with multiple family members living on the land. Currently my grandmother, mother, sister, and brother live on this land. I currently live 2 hours away but still the same state. Mom lives in a 2 story farmhouse with about 2 acres of the 15 for the property. My mom’s income is low and she has not been the best at properly maintaining the property and the burden of the mortgage has been very tough. She has not been able to work as much due to helping with my nieces and nephews.

During Christmas she mentioned me taking over her house. She is planning on moving in with my grandmother to help her and she has not been able to properly maintain the house anyways. At first I told her I wasn’t interested. After thinking about it I told her it might be something I’m possibly interested early 2026. No one in the family wants the house or land sold to someone outside of the family, so she is not interested in just selling the property.

I’m not really sure how this will work though as she still has $110k left on the mortgage so it cannot just be gifted. What would be the best route to approach this?

Mortgage : 110k

My income: 65k

Credit : 775

Debt : 0

Savings : 35k