Texas HELOC rules on non-primary residence
I’m looking for some insight into a HELOC in the great state of Texas.
I’ve been told that I can only take out a HELOC on my “homestead” or primary residence due to Texas laws. My goal is to have a HELOC on my rental property, which currently holds about $80-100K in equity. Th goal being to take that money, as needed, to fund cash purchases of more investment properties, then refi and pay off the HELOC. However, I can’t do any of that, if the state won’t allow me to take a HELOC on my non primary residence...
Can anyone shed some light on this for me?
Thanks in advance.