using a HELOC as plan B?

[Steve Korn]

Hi everyone,

I currently have around 800k in equity on my primary residence and after consulting with my lender can put a 500k HELOC in place. That said, in the event I loose the property to foreclosure or some financial anomaly, would I be able to pull the 500k out of my HELOC without recourse if the bank were to take the home? If not, could I withdraw the full 500k and put it into an entity without recourse from the bank?

Thanks!

Steve