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Updated over 6 years ago on . Most recent reply

Donald M.'s profile image
Donald M.'s profile image
Donald M.
  • Real Estate Investor
  • from Boston, Massachusetts
  • Member since May 15, 2008
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Donald M.'s profile image
Donald M.'s profile image
Donald M.
  • Real Estate Investor
  • from Boston, Massachusetts
  • Member since May 15, 2008
Connect
Donald M.
  • Real Estate Investor
  • Boston, MA
10
Votes |
102
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Creative Real Estate Financing

Home Equity Loan rules

Donald M.
  • Real Estate Investor
  • Boston, MA
Posted

If I take a owner-occupied home equity loan, how long does the property have to be owner-occupied? Can I get a loan and move out thereafter, or am I required to stay there for some period of time?

I'd like to take a loan to make the downpayment on a second property, which I would like to move into.

Also, interest on home equity loans are always tax deductible, regardless of the purpose of the money, right?

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