My grandparents are in the process of refinancing their home (but are not taking any money out of the house), and are planning to add me to both the mortgage and title of the property. This is not really a gift, as I will be taking care of them when I graduate. Nonetheless, there is a substantial amount of equity in the home. How will this impact me on the FAFSA? Is this something that I even have to include? I won't graduate for two years, but they want to get this out of the way now to take advantage of the extremely low (3.5%) fixed rates.
↧