Looking to use my paid off home to fund my first deal

[Justin Kocian]

My primary residence is totally paid off, and worth around $160,000. I've done some research on HELOC and HEL, and am trying to figure out what the best course of action would be to get the funds to either purchase a property in full or put a down payment on one or two SFRs to use as buy and hold properties.

If I'm understanding this correctly, I could pull out a percentage of the value of the home and use that as a low interest loan with the HEL, and with the HELOC, I would use the value of the home as a credit card basically? I'd only need about $50k - $80k at most. Is there something I'm missing or maybe another option I'm not aware of?