My husband and I bought a multi family house 5 years ago for $600,000. We have put $350,000 towards the mortgage so far. His parents have sold their multi family for $1.2 million and want to give us the balance remaining on our mortgage as a gift.
My husband wants to rent out our paid off home and move out to Long Island (we live in Queens) and get a little $200,000- $300,000 home.
Could we take out a 2nd mortgage equity loan from our paid off house without having to put a down payment?
Read more: Can I get a second mortgage on a new home without a down payment?
