Paying a mortgage at 20 please help?

There's no real chance you'd earn enough between you to qualify for a mortgage, irrelevant of your father's plans.

You'd need to be able to buy the whole house - not just take on their existing debt.

DO NOT DO THIS. He still needs to PAY OFF he money he owes you.

DO NOT DO THIS.

The important thing is that neither you or your brother EVER agree to this plan
of your father's. Even if you could be approved, he will control both of you.
You would never be able to buy your own property. Getting involved in this
will prevent you from buying a car or anything else on credit because you
would have overextended your ability to afford it. You both must say NO and
stick by it. Even if it means moving out.

Dad needs to sell the house completely if he cannot afford the mortgage. He cannot 'sell' to you and then continue to live there without running into all sorts of tax issues so even if you were willing to take on this burden, it would not be a viable solution.

Alternatively your parents can try to earn a little more money. If you are still living at home, are you paying rent? If not, what about putting a lodger in your old bedroom.

So where are you and your brother going to live, if not with your parents? A repayment mortgage on 60000 is under 400/ month at 6% (high end of normal at the moment).

I don't think anyone in the household will qualify for a sole mortgage so the sensible advice is pay the mortgage between you all. At 500 a month at 6% it'll be paid off in 15 years.

there are so many things you dont know the best thing you can do is - nothing

you dont know how mortgages work,
(sounds like your parents bought a house for 60k in 1989 with an interest only mortgage
With this the only thing you pay is the interest on the 60k. you do NOT repay any of the 60k you borrowed
And THAT means when the mortgage ends you STILL owe the 60k
and THATS what the bank is demanding NOW

(This ties in with them buying in 1989
Mortgages are normally for 25 years
25 years from 1989 = 2014)
Interest only mortgages look cheap cos you are only paying interest BUT you never repay any of the actual amount you borrowed
Only fools have interest only mortgages - For just few £s more you can get a normal mortgage when at the end you have repaid ALL what you borrowed and owe nothing)

you dont know haw they managed to get a 60k debt

you dont know how much your parents are putting to pay off the debt

you dont even know if your brother works full time or not

On second thoughts
Go to a bank with your brother and ask how much the 2 of you can borrow on a normal mortgage for the house
If the 2 of you can afford it (ignore your father) I would buy it from your father for 60k
THAT would give YOU+brother a house for 60k (on the mortgage) and your father 60k in cash
Thats far less than most houses cost these days. and probably far less than what its worth - so it would be a bargain
THEN you can sell it for what its actually worth, repay the mortgage and have loads of cash in your pocket

you don't want this obligation, then don't, you don't even mention what your brother feels about it
it is possible neither or both of you would even be eligible to get a loan to buy the house
and paying interest only never pays off the mortgage, which could have a balloon payment at the end and you say, pay the $60K
your dad got himself in the bind, it is not up to his children to make it right

Your father's only choice is to pay the mortgage or sell it. You can buy it, having the mortgage in your name, but NOT your brother because he does NOT make enough money.
Since you do NOT want a mortgage in your name..........let your father sell it and move on.

DO NOT DO THIS.

it is not your problem. and... your mom needs to get an effin job. really?

you can pay them rent and help with your share of the bills.

I think we need a lot more information. Is 60k all they owe? Does your mother work? If all 4 of you bust your butts and works extra jobs/extra hours, you can pay that off in 6 months.

Are you afraid that you will not be getting a mortgage in future when you have the first one? If yes, then don’t worry about it, there are many options to get a second mortgage even when you have the first.

If you don’t want your name in the mortgage, try to convince your parents. That's the only solution to your problem. Best luck!