Is it possible to rent out primary residence without refinancing?
Technically, you are not allowed to rent out your property. it is a requirement of your loan that you occupy the property. BUT, as long as you don’t miss any payments they most likely would not bother you. Also, if you have medical proof it was a necessity to stay with your parent, that would help if an issue did come up with the lender. Of course you can make extra payment. However you should make them by a separate check and write clearly in the memo. “to be applied toward principle” and also put a note in with it that it is an extra amount to be applied directly to the principle of the loan…and keep great documentation of all your payments, because banks are famous for screwing up extra payments and not crediting them properly. I can’t help you much on the tax ramifications …consult an accountant. If you rent the property out though, that money will count as income.
