Can you get a Home Equity Line of Credit on property you rent to others?


Quick Answer

It is possible to get a home equity line of credit on a rental property; however, only certain banks allow this. As of 2015, Citizens Savings Bank in Pennsylvania and Union Bank, which has branches in many states, offer home equity lines of credit on these properties. Bank of America, however, doesn't extend these lines of credit for rental properties, states BankofAmerica.com.

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Full Answer

Banks that do offer these lines of credit typically have some restrictions on who can obtain them. For example, Union Bank requires that the rental property only have up to four units and that a vacation home have just one unit to qualify. Citizens Savings Bank, however, states that qualifying requires that the owner not occupy the property, notes Citizens-Savings.com.

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