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Updated about 6 years ago,
HELOC- gone? other products?
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?