Hi
Would like anybody's opinion on this.
My sister has a mortgage free house, she is going to living with her boy friend for now, but want to getting a new house next year.
Her friend said she would be better to sell the house to a LTC and use those fund on the house later.
She said she spoke to a mortgage broker. And the broker tell her to be becareful, he think the fund she extracted now and use for the new house later would be not deductible.
And he suggested to just rent the house now, and once they find the new house then do the restructure at the same time.
He also asked her to seek other advice to confirm if he is correct.
I am thinking there are many experienced investors and professionals could have done the restructuring before, and share their opinions.
Thank you very much.
Would like anybody's opinion on this.
My sister has a mortgage free house, she is going to living with her boy friend for now, but want to getting a new house next year.
Her friend said she would be better to sell the house to a LTC and use those fund on the house later.
She said she spoke to a mortgage broker. And the broker tell her to be becareful, he think the fund she extracted now and use for the new house later would be not deductible.
And he suggested to just rent the house now, and once they find the new house then do the restructure at the same time.
He also asked her to seek other advice to confirm if he is correct.
I am thinking there are many experienced investors and professionals could have done the restructuring before, and share their opinions.
Thank you very much.
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