Home equity Loan/Line

[Carrie Eaton]

Hello! I lived in my 2 br 1ba single family home for 5 yrs. I want to rent it out and buy a duplex. I took the first step by calling a local bank that I use for my business account. I asked about a home equity loan or line of credit to possibly use for new investment/home. I was told you can only take out a home equity loan/Line of credit if you plan on living in the property. Am I understanding correctly? Should I not mention what it's for if I decide to try at another lender? I have about 70k in equity, and thought this would be a great way to start in REI. Any suggestions would be greatly appreciated 😊