How to convert HELOC to fixed rate mortgage and pay not tax penalty when house is sold?
Written By: admin on July 20, 2009
2 Comments
Hi,
To buy new house I took HELOC against my ancient house which I plotted to sell shortly to pay off HELOC. I could not sell my ancient house so I am using it as rental property now. I want to convert HELOC into fixed rate secondary mortgage. If I convert HELOC into fixed rate mortgage, when I sell my rental property will the money from sale be transferred to my primary mortgage company without lump sum distribution to avoid tax penalty?
Thank you
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You might be able to convert the heloc, but two items, one the rate on home equity loans are usually high, and two, home equities are tougher to come by, especially on a rental property. you could look into locking the rate like mary suggested, it depends on the lender and when you took out the heloc as the lock in feature has only been around for a few years. If you sell the rental, any proceeds will be given to you, other arrangements I would consult the irs or a cpa. you may want to look at bank of america for the home equity, I was just talking to a broker contact of mine and she claims they are doing home equities still, best of luck
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