Income verification after HELOC approval

[Hoa P.]

Hi BPers! I'm interested in getting a HELOC to buy another property around Seattle. I know that I need to look around for banks / credit unions that offer this type of HELOC, but I'm concerned about income verification since I want to leave my job / switch jobs this year. After getting approved for a HELOC and finishing the income verification, will the bank/CU need to check my income later down the road? Do they verify income randomly during the life of the HELOC?

[Jeannette C]

I've used HELOCS for 12+ years, and have never been asked to verify income during the term.  BUT if you have a balance at the term and and want/need to "extend" the loan, it's almost like reapplying, and will absolutely need to show income then. They won't care if the income source has changed, if its sufficient and seasoned.