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Refinance or HEL? |
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Should I use the equity in my existing home (I have aprox. $200,000) to purchase a rental home for my daughter to live in? Do I take out a home equity loan or refinance my current mortgage? What's the best way to go in this situation? She would pay us rent to live there, but eventually, when the house is paid off, the house would be hers. (she currently has no credit). thanks. |
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I don't know enough about your particular situation to advise you. Often a home equity loan is simpler and involves fewer closing costs, but you'd have to compare the interest rates on a new mortgage with those on the home equity loan.
If you're going to rent the house to her, you should have your own CPA as a tax advisor, because your tax returns will be more complicated. And that's a good person to ask for financial advice. |
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Edith
Originally published on June 15, 2008 |
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