HELOC- gone? other products?

[Amy Yarnall]

I have contacted five national lenders, and all of them discontinued offering HELOC products as of Nov. 1, 2018.

1. Curious- anyone know why? Is it the new tax law restricting their use? 

2. Outside of a traditional second mortgage, where I take all of teh cash at the settlement table at one time, are there any other work arounds or similar products to replace the HELOC?

I want to access the equity in a home to purchase another, and I don't want to refi the whole thing. The first mortgage will be paid off soon. I want to pay off the second mortgage, and take out more equity. 

P.S. I have tried multiple times to "search a forum" and it will not let me use the Loans, Mortgages.. Conventional Financing" Forum for this post. Frustrating. What am I doing wrong? 

[Jay Hinrichs]

Originally posted by @David de Luna:

I'm interested in this topic also. We are ready to get a HELOC to finance our next investment. I live in the East San Francisco Bay Area.

 keep in mind that helocs can and do get frozen..even after you have opened them up.  they just dont let you draw on them the bank can unilaterally freeze them..   in the GFC the banks were very late to do that and got burnt terribly.. 

so all the folks running around thinking a heloc once in force is there forever that is not correct.. you need to read the fine print.

and they will call them if they feel a market is at risk.. and if your at 90% LTV that in itself is risk so just dont be in teh middle of a deal only to find out our money is not there. I bailed out a lot of flippers in the GFC who were mid project only to have their heloc frozen and needed money to finish..