I have a 2 story house with 2 electrical panels. The house was built in the 60s. I want to move the panel in the living room to the panel in the basement, an install with 200 amp service. How do I go about removing the panel in the living room to the one in the basement without doing a total rewire. The house still has the older type wiring.

I assume you need to extend all the branch circuit wiring to the new panel location. You can use the old panel box as a large junction box to splice onto new cables that will extend to the new panel, if you can make the cover completely closed with no openings, or have a new blank cover made. Or replace the old panel with a new large junction box large enough for all the existing and new cables and splices. There are allowances and calculations to arrive at the size junction box depending on the totla quantity of wires and the sizes of each wire.