Using HELOCs to Purchase A Second Home

Another one last night. I get to signer’s house to do a cash out ReFi and realize it’s a Home Equity Line of Credit.

I didn’t say anything, but just watched the rest of the documents. It was for a primary residence on the Occupancy Affidavit. We go on through and complete the package.

They had a really nice view of the water from the sliding glass door.

So, while I was admiring it, one of the singers tells me that they HELOC is to buy some land with an even better view where they are going to start building.

I was like, “I knew it,” to myself. It’s a creative strategy for getting buying a second home with the benefits of using the primary home.

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