Problems with 2nd mortgage
Hi, I have a brand new second home mortgage of around $500k. I planned on occupying it for half the year since our company has decided to let us work from home every other month. With restrictions easing up, we are now back in the office which means my new home will be vacant all year. What are my options to pay off the $500k loan? I am fully paid with my current mortgage and my home is worth $2 million. Would love to get any insights. by ijackson665 from The Lakes, Nevada. Oct 22nd 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
I don't really understand what you are asking.
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions
I think you are asking how to pay off the second home using the equity in your primary home? You can certainly do that. What do you intend to do with the second home? Rent it out? Definitely consult with your tax preparer as to the impact on your mortgage interest tax deductions (and other rental expenses). Primary residences vs. rentals vs. second homes have different IRS guidelines.
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