Unlocking Value from my Buy-and-Hold
Greetings,
I'm considering some options in unlocking value in my buy-and-hold property. It currently has roughly 145k of equity. It's appreciated about 45k since I bought it so a 1035 exchange is probably not that interesting to me.
I talked to Chase in Chicago about a HELOC. They will only consider lines at 50% of property value. In my case this is 280k x 50% - 135k which is basically nothing. (Perhaps some BP lenders have better terms?)
I've been chatting with a mortgage broker who suggested a cash-out refi. I'm not sure I like the idea of going from 13 years on a mortgage to 30 years on a mortgage.
My goal is to use the cash or line of credit to buy another property either all cash or near all cash.
Are there other options I might have against my buy-and-hold property (other than selling it outright)?