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Updated over 3 years ago,
What happens to heloc if move and rent out?
Hi BP,
Trying to find the answer to my Heloc question and seems like I cant get a clear answer. If I have a Heloc on my primary residence but decide I do not want to live in a 3 family the rest of my life and move renting out my unit, what will happen to my Heloc? Will the bank find out its not my primary anymore and close down the Heloc? I did ask my banker and she did not know the answer. Anyone have any experience with this?
Thanks!
Ryan