New Mortgage using current home equity

Why would a HELOC not be a great option?

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What are the best options to bridge the time period between buying a new home and selling your current home?

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Make the purchase and closing of the new home contingent on selling the current house.

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It may be unfounded as this is my first time dealing with this but my concern would be if my old home doesn't sell quickly I would be on the hook for two mortgages and a HELOC.

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Not trying to be a dick, but Duh..... That’s the risk in buying your next house before you sell your current house.

He asked why I was concerned about a HELOC. I answered right or wrong.

And yes I understand it's not ideal. That's why I asked, hoping to mitigate my risk and learn something.

You could do a cash out refinance also OP.

Helocs often have no or little cost and you can get interest only for a year or 2 usually. So while there is risk, the risk is generally cheap and limited.

The last thing you want to do is push yourself to buy or sell one property in a hurry and lose a couple $1,000 because you were in a rush.

Your other option is to find a short term rental, but again that won’t be cheap. Just plan on it likely costing you $3000-4000 and move on

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Get a bridge loan from the bank

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That's what I did.
Found a good deal on a house back in 2002, had just put my house on the market. The sellers were gone, transferred to Washington state after 9/11. Closing on their house had fallen through three times, they wanted to sell quickly. At the new price, I was afraid it would sell before my house would. And they were willing to pay all closing cost.

Got a bridge loan with a mortgage broker. Then 90 days my house was sold, converted the mortgage into 15 year note, and eliminated PMI.