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Or radically downsize your primary home?
But Congress has temporarily lifted that rule for debts wiped out on your primary home.
Mortgages on two-, three- and four-unit properties are also eligible, as long as you also consider one as your primary home.
A. To qualify, your monthly mortgage payment needs to exceed 31percentt of your monthly gross income and the house you are refinancing must be your primary home.
Thanks to a little thing called technology, you can set up those services in your primary home and then access them while on vacation.
Not only is getting a mortgage on an investment property more difficult than getting a loan on your primary home, it also tends to be more expensive.
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If you lived in the home as your primary dwelling for at least two years, or had it in your possession for at least two years, you pass under the IRA's radar.
If you want to use the property you swapped for as your new second or even primary home, you can't move in right away.
"Think about all your other expenses," Mr. Venezia said, "not just on the primary home and daily expenses, but savings for retirement and your kids' education.
Don't take a mortgage out on your primary, paid-up home and use the cash to buy a second home, as a client did recently before consulting Tarzana, Calif.
We now have a free version of ESPlanner available at www.eplanner.com/basic that lets you enter your home equity for both your primary and vacation homes.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com