In order for this to work you would also need to refinance the loan and have the new borrower added. Even then, lenders may not see this as a reduction in your debt. I'm curious about your evaluation of the home's value and I'd like to help. Renting the home would probably requre 2 years of history in order for the income to assist you. The best bet for moving up would be to sell the house. If you've been there at least 5 years you would likely qualify for the $6500 tax credit. Please contact me and I'd be happy to take a look at your home and give you a free analysis of your situation. You can click on the link below for my contact info.