First time I've asked a question - but read this site for many years - and I can't seem to find a similar thread.
We have about $200,000 equity in a rental property, and very little equity in our new personal property.
I would like to "transfer" some equity from the rental, to the mortgage on our personal property.
NOTE: Both the rental and the personal properties are owned by us (my wife and I) - with no LTC or other company structure in place.
Can I simply ask the bank to "re-structure" the mortgages so we have more equity in our personal property/mortgage? Will this incur tax? Or cause some other issue we should be aware of?
Many thanks!
We have about $200,000 equity in a rental property, and very little equity in our new personal property.
I would like to "transfer" some equity from the rental, to the mortgage on our personal property.
NOTE: Both the rental and the personal properties are owned by us (my wife and I) - with no LTC or other company structure in place.
Can I simply ask the bank to "re-structure" the mortgages so we have more equity in our personal property/mortgage? Will this incur tax? Or cause some other issue we should be aware of?
Many thanks!
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