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How much do you have for the condo if you don't pay off her current mortgage? It seems reasonable to borrow less against the new residence than pay off a mortgage that will be cleared at sale.

Have you checked if you could co-sign for a second on her existing home without being on the title? It would allow the title for the condo to be clean and the mortgage would be cleared at sale. The interest on the second probably would not be deductible, but since her major income is tax-free, its value is limited.

Debra
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