i.e if you needed money immediately, you can HELOC against the home when the time came that you needed the money, you wouldn't get taxed, you wouldn't pay commissions, closing costs, transfer taxes and you continue to hold onto your asset.Hope that helps, and congrats! 

He has two homes, one in Boca Raton (worth $220k, owes $100k maxed on a HELOC), and one in Central Ohio (worth $200k, owes $109k on first mortgage), both that are 90-120 days deliquent. 

In order to tap out the equity, you can do a HELOC, which should also be limited review. 

If you own a home you could look into a HELOC (home equity line of credit).

To my knowledge, there is no HELOC's for Mfg. homes.

Click on the link, review the location, the payout, what kind of signing (refi, heloc, purchase), and decide whether you are available or not. 

So taking out 70-90% with HELOC, reinvesting while collecting rent from the house is the idea.

Have you thought about doing a heloc and keeping the property as a rental?

I say that you should decide you long term goals first.If you want to have positive cash flow and work only as an investor someday then you should go with the thirty, pay it off *** in making more than the monthly payments, then when you have say 30k available do a heloc....continue paying off the first at the regular payment and get the new one down asap....rinse and repeatif you just want to own your own home and use it as an investment towards retirement then by all means get the 15 pay it off fast as you can and then relax.I bought a house on a 15 year and paid it off in 9 years....now i have a home no matter what happens....Let me know if you have any other questions....Good Luck and tag me or pm me for anything you need.

Would it be beneficial to take the HELOC or Cash out Refi route?