Updated about 8 years ago on . Most recent reply

Pay off HEL before converting to rental
I'm currently house hacking with plans to house hack again in the future but want to leverage the equity I currently have. If I take out a Home Equity Loan against my current primary to buy another investment property, do I have to pay off the balance before turning my current primary into a rental? Do they typically work like an FHA loan where there is a minimum 1 year occupancy requirement?
I plan on living in my current property for at least another year but don't want to be stuck if in the future I do decide to house hack again.