Refi till you die to renew depreciation?

[Mary Jay]

Hi guys,

1) Do I understand it correctly that if I owned a property for 27.5 years and cant claim  depreciation on that property anymore, If I refinance, I can start claiming depreciation again?

Or

2) If I sell this property then I will pay back the depreciation, but if I refinance I wont have to pay back the depreciation?

Are any of those statements correct?