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Updated over 1 year ago on . Most recent reply
HELOC on former personal residence (now rented out)
I have a former primary residence (SFH) which is now rented out. The current mortgage is probably 50-55% LTV, and it's at 2.5%. Due to current interest rates, a cash out refinance seems like a very bad idea, and it would destroy what is currently a very healthy monthly cashflow from that property. But if I can, I want to free up some of the equity to purchase a new multifamily investment property. Does anybody currently offer HELOCs on homes that are not a primary residence? Even if I am capped at 75% LTV following the HELOC/Second Mortgage, I think that would free up enough cash to get me where I need to be. The SFH/rental that I would be getting the HELOC/Second Mortgage on is in Florida, if that helps.
