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Old 02-07-2015, 11:12 AM
 
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This is just a general question about Home equity lines of credit. Does anyone know the rules about getting an HELOC and then renting the home out. In other words... does the homeowner who received the home equity line of credit actually have to reside in that home ? OR is it ok to rent it out ? thanks
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Old 02-07-2015, 11:44 AM
 
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It's the same as a normal mortgage. You would sign a primary residence occupancy affidavit indicating you will live in the home as your primary residence for 12 months.

After 12 months it's totally legal to rent it out.

In the interim, technically it's not legal, but it happens. As long as you're making the payment, it's not likely they are going to check up on you.

If you have multiple mortgages on your credit report, then they're probably going to check more closely that the property you're attempting to get the HELOC on is your primary residence.
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