HELOC on an Investment Property

[Marissa Gallant]

Hello, 

I am new to this space but was looking for some advice on obtaining a HELOC on a home that I am currently renting out. I own the home but I do not live there as my primary residence. I live with my parents and still have a mortgage on the home.

I am quickly learning that many banks do not give HELOCs to rental properties. I have called a couple of local banks, including the one that my mortgage is through, as well as larger banks like Bank of America and Rocket Mortgage.  None offer HELOCs on rental properties that still have a mortgage.

There is nothing I want to purchase right now and I will have tenants in the home at least until the end of this year. I still wanted to pursue a HELOC in case any opportunities came up in the future. I was wondering if anyone would be able to give advice on if there was a chance of getting a HELOC in my current situation. Does anyone know of any lenders or programs that might be open to a HELOC on a rental property? Any advice would be greatly appreciated, thanks so much!