Heloc on a converted rental unit

[Shervin Mirdamadi]

Hi,

I have a dilemma that I am wondering if someone can help shed some light on. Last year I took out a heloc on my primary residence which I immediately converted to a fix rate and pulled all of the cash out from . 4 months later I purchased a new primary residence which I moved into and my previous house is a rental now. Will I have any issues with the bank that issued the second mortgage since that house is no longer my primary residence? To add an extra layer of complexity I am wanting to move my homestead exemption to my current home since that’s my primary residence now and I am wondering if I will run into any issues with the bank that gave me the Heloc once I remove the exemption from the property since it’s no longer my primary residence. The property is in Texas and one of the criteria’s for getting a line of credit is that you need to have homestead exemption on the property you want to take a second mortgage on.

Any advise is much appreciated . 

Thank you