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Updated almost 6 years ago on . Most recent reply

User Stats

10
Posts
4
Votes
Stephen Tsan
  • Homeowner
  • Hamilton
4
Votes |
10
Posts

Taking equity out of a Student Rental Property

Stephen Tsan
  • Homeowner
  • Hamilton
Posted

Hello, 

I own a single family house that is located near a university. In Toronto Canada.

I live with my wife family in the basement, and I rent out the extra rooms upstairs

I would like to take equity out of the home to purchase another investment.

I don’t have a Mortage and own the home free and clear. 

I been told by mortgage broker that it could not be done since it is a home close to the university and considered a rooming house so they can’t take the equity out.

Does anyone have any more information about this?


Thank you in advance 

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