Hello,
I'm planning to RE and move out of state in early 2021. The housing market in the new location is currently very hot, although who knows what will happen between now and then.
We have enough in a savings account to put a large down payment on a house. We live on a boat so don't currently have primary residence, but do have a rental property that we bought for cash around 10 years ago that has appreciated quite a bit. I'm considering financing the rental to withdraw enough money to pay 100% cash for a house in the new location. In addition to giving us a leg up it against other potential bidders the ability to pay cash would mean I wouldn't have to deal with getting a mortgage--I presume I won't qualify for a mortgage once I let my job know I'm quitting to move out of state, or I'm jobless.
I'd like to take out a HELOC on the rental now while I'm still working and my work doesn't know my plans yet. I'm not super familiar with HELOCs on investment properties and wondered if the bank could cancel the HELOC if they found out I was no longer employed?
Besides cancellation, are there any other issues I need to be concerned about if I took out a HELOC?
If cancellation is not an issue, can anyone recommend lenders who will do investment property HELOCs in California?
