You already own it, except for that wee bit that belongs to the bank. Go see a nice attorney, make a Living Trust and have all your assets transferred into the trust. Also make a will and distribute your assets in trust to your children however you wish. Name one of your children as executor. Now the heirs can either rent out the house and keep it as investment or sell it and divide up the equity.
Take advantage of a couple of those free seminars and free lunches for seniors that are offered so you can give yourself a little financial education.
Do not tell your children what is in your will. It is none of their business and is a poor idea.