Joint Tenants will all own an equal share of the property. If one party passes away, it will be passed to another party listed on the mortgage.
Tenants in common:
Tenants in common will all own a percentage of the property, but each person's share can be different.
If you choose to do this, you may wish to sign a Deed of Trust (we call this the Generation Home Agreement), which outlines each owners responsibilities towards the property.
You can read more about the Generation Home Agreement here.