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Wow, lucky ducky. You need tax and legal advice. Broker would need to get you the pre-approval first perhaps. You would buy her 50% share she would use the money received to pay off 50% of her loan and the rest in the savings account. You borrow 101% of the value of her 50%.

It is just a matter of doing the sums and working out what it will cost you to sell and rebuy a replacement and how much non deductible interest you could save. Work out how long it will take to make your money back and then assess if it is worthwhile. Pity you didn't own the current place in...