Where can I get a HELOC if I have two mortgages on my house?

And paying off the 15 year isn't an option in the time frame you are talking about I suppose.


If not, you have two opinions I would recommend:

Saving account emergency fund.

Throw everything into a market ETF with robin hood, and either sell or loan against margin to cover emergency expenses.

Why not consolidate the two into a 15 year at around 3.25%

Or do a cash out refi?

Why would you not refinance the 1st mortgage? Your current 15 year is at 3.5. Depending on your equity/Loan To Value, a refinance cash out (paying off current 15 and giving you max cash to 80% LTV/CLTV would be a new 15 year loan at 3.5%

My rate today is 3.5%. You would not have a higher rate and you can get get the extra cash out and still only have 2 mortgages.

Edit: I would only use the above option if you actually need the money. If it's in case you need money, then look into a personal line of credit. Rates can be in 6% range, but you only pay back on what you draw as you know. Or see other answers regarding emergency distribution from investments.

You can't. A HELOC is a 2nd or 1st mortgage itself. In your case it would have to be in the 2nd position. Your best bet is to either refinance both mortgages and cash out any remaining equity or use the remaining equity on a HELOC.