Updated almost 6 years ago on . Most recent reply
HELOC on Primary Residence - What if I move?
A year ago, I took out a HELOC on my primary residence to finance two of my investment properties. I owe nothing on this house, so the line of credit is substantial. I now plan to move in with my significant other and rent out the first property. I'm assuming that the bank will consider this as an investment property and no longer my primary residence. Will the bank cancel my HELOC? Can I transfer the HELOC into another type of loan?
Most Popular Reply
It might depend on the institution that gave you the HELOC but when I got mine they said that even if it becomes an investment property in the future, my line of credit does not change. Congrats on your recent investments!