HELOC or HE Loan for a 2-unit property, live in one do not rent out the other

[Jenny Ruckno]

Hi.

I own a 2 unit property (main house with a 2nd smaller cottage that is a legal rental unit). I do not rent out the unit.

I am interested in getting a home equity loan or HELOC to tap out on my equity. But I am being told I can only refi, which I will never do because my rate is 2.8%. I read there are some lenders that would do a multi-family HE/HELOC. But can't seem to find any help locally or nationwide. I figured I would post here and see if anyone had suggestions.

I make $150,000. I have fair-good credit depending on the calculator. My realtor says I can get $500,000 easy, if I sell. I do not want to sell, so I am estimating a moderate $400,000 value which should still put me at plenty of equity to get a $50,000 loan. I want to pay my credit cards off ($15k) and adopt children (estimated to cost $10-15k) My company will reimburse me the adoption fees, but not until it's finalized so I am hoping to do a HELOC so I can re-use that monies later on for bonus items like a pool or something fun for the kids. And the remaining monies to improve our home with updates - bathroom, kitchen updates.

Any suggestions would be much appreciated. Thanks!!