Updated over 5 years ago on .
Should I open a HELOC on my primary for a secondary?
I am wondering if I could open a HELOC on my Primary Residence since it is at 80% LTV. I think HELOC allows for up to 87%. This would allow me to pull close to 25K and use it to purchase a second residence which would be my new primary and rent out the current. Is this a viable plan? Why or why not?