|
Question: I have a customer who lives in New York and owns a home in Cedar Park Texas. He wants a HELOC loan against the Texas house. I assume I can do this under standard procedures? Thanks for your help.
Answer: It sounds to me like the customer's primary residence is in New York; thus, the home in Cedar Park is not the homestead. If you determine that his primary residence is indeed in New York, a home equity line of credit would not be appropriate; however, you could extend a secured revolving line of credit under Chapter 346 of the Finance Code, http://tlo2.tlc.state.tx.us/statutes/fi.toc.htm.
|  |
