Loan against rental property

[Walter Ocampo]

I have a property that I own free and clear worth around 150,000 I have been told by the bank that I cannot take an equity loan on the property because I don't live there. Does anyone know how I can get money against it to buy more? I live in New Orleans

[Upen Patel]

Originally posted by @Jovanny Smith:

According to the law, you can get a loan only against the property where you live.

You are wrong. How do you suppose folks get a mortgage loan for investment properties?

For someone working for a financial institution, you should know your stuff. And certainly not say "according to the law", if you are not sure.