What is the best approach for mother/son to swap houses?

I'm trying to think of an easy or inexpensive way to do this, but I'm coming up blank. The only way to add or remove a borrower from a mortgage is to refinance it and include them on the new mortgage. Frankly, the situation you describe is probably more like two purchases than two refinances. Assumption means one person assumes the responsibility from another, not in addition to, but assumptions are very rare in this day and age because the borrower assuming the loan still has to qualify (it used to be that assumable loans could just be passed from one person to another). As far as the homestead questions, that might better be directed toward an attorney or title specialist. Sorry this is probably not wanted you wanted to hear.

I would locate a mortgage broker or banker in Texas that you feel answers your questions over the phone satisfactorily. That may include eventually needing to spend more time in qualifying you and consulting with Title company on the homestead exemption as well. Your question is intelligently worded and addresses refinancing which may be the simplest way to go (at least add each other to thetitle until 6 months go by and you can each refinance on your newly acquired homes that you are now living in! You can refinance these days at "no cost" withoutsacrificing much at all in terms of rate. Best wishes to you!