Is it smart to get a loan to pay off dad’s mortgage so he can sign the house over to me?

There’s about $70k remaining on my dad’s mortgage. He wants me to get a loan to pay off the mortgage so he can sign the house over to me, and he can move into his other, much smaller, and much cheaper, house. I already have a somewhat fresh mortgage (bought a $600k house 2 years ago) but i could afford a $70k loan if the interest was reasonable.

I don’t want to put myself in a hole if getting a personal loan is not the way to go. My dad is a simple man and in his eyes, this is the simplest and easiest way to go. For myself, I’m totally willing to take over the house (I love it) but I won’t be selling my main home.

Is a personal loan the best way to go about this?