Can you have multiple home equity loans at once?

[Miles Stanley]

So I have a HELOC on my primary home. We recently bought a house for cash and I plan to fix it and move into it and do a home equity loan to tap into my equity. i plan to keep my old home (the one with the HELOC) as a rental. I have asked the lender I have the HELOC with if this is OK and she said yes, but I would need to close my HELOC bc I can't have more than one home equity product at a time.

Is this the end-all-be-all or is it possible to have multiple?

[Chris Mason]

Originally posted by @Miles Stanley:

So I have a HELOC on my primary home. We recently bought a house for cash and I plan to fix it and move into it and do a home equity loan to tap into my equity. i plan to keep my old home (the one with the HELOC) as a rental. I have asked the lender I have the HELOC with if this is OK and she said yes, but I would need to close my HELOC bc I can't have more than one home equity product at a time.

Is this the end-all-be-all or is it possible to have multiple?

Barring Texas having wonky HELOC and cash out refi rules, yes you certainly can, if the bank will go for it, which some will do. I see it not infrequently in California.

@Andrew Postell is in Texas (& otherwise a good resource for you as a Texas Realtor anyways), the one state in 50 known for having unique state specific wonky rules regarding HELOCs and cash out refis. Andrew, do you see folks with multiple rental properties that have HELOCs in Texas?