Suggestions of securing a new property

[Sean Sarmiento]

Current scenario:  One of my family members has a health issue and we would like to purchase a residence closer to the rest of us.  That family member currently owns a home with a market value of ~$400k that is full paid for.  Half the family would like to sell that home and use that money towards a downpayment on the new place.  The other half would like to some how keep the existing property, convert it into a rental perhaps, and utilize the equity on that home for the downpayment.

Question: I was wondering if any of you would mind sharing your thoughts on how you might handle this situation?  Would you sell or are there some strategies we may be able to utilize for better results?  

[Peter Dukaj]

In this situation, you might consider exploring the option of refinancing the existing property to access equity for the downpayment on the new residence. This way, you can potentially retain the property and convert it into a rental while addressing the family's needs. Consult with a financial advisor or mortgage professional to discuss refinancing options and determine the most suitable strategy for your specific circumstances.