I have an HELOC from the house that I was living in before. I wanted to close the current HELOC and open another one against the same house ( since the repayment period is starting very soon). but I was told I could not do that since I no longer live there and also it is less than 30 miles from my current home.

My question: Are we not able to take money out of a rental unit (not a finance but LOC) to purchase another property if it is within a certain distant.