rental property question

[Wedge]

I have rental property that shows about 90 percent equity.....I am at the end of a 15 year mortgage and still owe about 8k on the property. HELOC loans require you to be in the house as a primary residence in Texas so a "cash out" option is not available. What I really want to do is pay off my outstanding debt with the equity in that property and buy another home to live in. I need help and/or suggestions. I really do not know what my options are and I would like to do something soon. Any real estate gurus or lending managers out there that can help? I would rather not sell the rental property if I can prevent it. That is my dilemma.:confused:

[fishin4food]

Wedge, I just sent you a PM. Hopefully the info will help you out. I own a mortgage company in Houston and have been a mortgage broker for a long time. Any help I can offer on home finance, please let me know. Good luck!!

[Red]

Loans are available on rental properties or any other Non-owner occuppied (N/O/O) properties, i.e. rental properties or even 2nd Homes. As a matter of fact, the laws in Texas are more lenient on these properties. Banks may loan commonly up to 90% of the appraised value of these properties, and sometimes a little bit more. But as with any N/O/O property, the lending risk is greater and the interest rates are higher.