I'm 78 and my wife is 75, is it time ti transfer ownership of my house to my (3) children?

I'm not sure there is ever a "right" time.  There are many things to consider in transferring the house, not the least of which is the potential of some liability of your three children attaching to, or becoming a lien against your house.  There is also the loss of the step up in basis of the value of your house.  In other words, there are complex pros and cons that should be considered, not just the timing.  If you would like to discuss this further, please call my office.