Im looking for a home equity line of credit or loan on a rental property thats fully paid off...

The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You can find HELOC's, ARM's and Fixed rate Cash Out loans easily. You would be limited to 60-70% of the value of the property, depending on the loan type. Excellent credit scores and debt-to-income ratios are a must, though.

Cash out refnance on the home should be very possible depending on your qualifications. Up to 75% of the value is possible depending on the number of units on the home and whether there is any subordinate financing (equity line) also in place. Equity lines on investment property are possible but harder to find, but depending on the amount of money you want to borrow that may be the better option due to lower fees to get the loan.

Yes you can do it and contact a LOCAL broker to help you. Depending on what you plan on doing with the money, or how long you think you will need the loan, you might want to compare both a HELOC and Fixed rate mortgage. If you plan on having the loan for a while it may be better to get a fixed rate.

I would be more than happy to offer you a free consultation. We are a Direct lender in NY and are very familiar with Jamaica. Contact me(Peter Botros) at PBotros@OmegaLoans.net you can also call me at 347-231-4444