My Parents have alot of equity in there homes But there income does not qualify for refi.
Would it be possible for me to tap in to there equity and put my name on the title when doing a Refi?
Example: My dads name and mom name and my name on title and using my income to refi?
1. Will there be any tax issues for me?
2. Are there any better ways to do?
3. Maybe gifting?
4. Any suggestion on method to get some equity out of there home? I will be paying the increase mortgage of course.
If they are not prepared to sell and move to a rental they should not be taking the risk of refinancing through you. I would not be touching their money and placing their home at risk. You may be paying the mortgage but it is their future you are placing at risk.
@Thomas S. You don’t understand the situation so you shouldn’t be spectaculing.
thanks for your opinion.
Using yourself for income qualification to tap into their equity is a common thing that many people do once parents are no longer working. There are minimal tax implications from doing so, this is something I am fairly well familiar with. You also might be able to refinance them using owner occupied rates through certain Fannie Mae/Freddie Mac programs feel free to PM me directly and I would be happy to walk you through how this works.
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