My husband and his sister recently inherited a home appraised at $630,000. My husband and I plan on moving in and paying his sister half of the value of the home. We will need to "finance" the amount of money we will owe her and was wondering if the loan against the house would be considered a new purchase, refinance or home equity loan. The home is paid for as my in-laws lived in it for 50 years! Also, is there inheritance taxes to be paid. All assets were part of a living trust.

thanks ~ vicki

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Originally Posted by viccon8

was wondering if the loan against the house would be considered a new purchase, refinance or home equity loan.

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Hello v:

It'll be considered a refinance, but I'm not sure why you want to know what it's called. What difference do you think it makes?

excon