<p>We have some family land with a small garage/home on it that is valued at $175K and we own it outright. That is about what we owe on our First Home. If we were to take out a Mortgage on the second home to pay off our mortgage on our First Home, we would substantially reduce the assets on the FAFSA. Obviously, there are costs associated with the refinancing. Is this going to be worth it?</p>
<p>Our first born is entering college this fall, follwed by our 2nd next year and our 3rd in three years. Our household income is <100k and we have no savings but this "second home" that has family ties is viewed as cash in the bank.</p>
<p>Any thoughts would be appriciated</p>