Multiple HELOCs multiple homes
My wife and I are about to purchase a fully occupied 3 flat. We also currently live in a SFH which is lien free, and a condo that is used as a rental property which has a mortgage.
The question we have is... we'd like to open a HELOC on our SFH to fund another purchase. Once we fund that purchase, if we moved into the new purchase, one we build enough equity, could we open a HELOC on that property?
Long story short, can you have multiple HELOCs on multiple properties if you occupy them when you open the HELOC? Would the original bank invoke the acceleration clause if they discovered that you moved/opened a HELOC on another property?
Clear as mud.
I appreciate your help and advice in advance.