GIgi,

Don't be. If the loan is older that 12 months old it is considered seasoned and the stipulation that the home be occupied (as you put on your loan application) is considered satisfied and you are free to use the property as you see fit. Even if it was less than 12 months there are circumstances where it is acceptable but an attorney would have to provide the details.

It's not uncommon for people to move, so it's not like they're going to call the note due (assuming you didn't open the line and move immediately after).

However, they're likely to close the line and just have the balance due to pay off.

It's really up to you.

My answer is from a lender perspective. Always fully disclose your information. If you bought the house as a primary residence and did not live there, there will be a problem. If you bought the house and lived there than later on down the road you moved out for one reason or another...than as long as the reason makes sense you should be ok. If you lived in the property longer than 2 years you should be ok. If you opened the equity line while you weren't living there or knew you weren't going to live there...you could be in trouble. However, you should talk to your bank and let them know, I am sure even if you did make a mistake that you could be forgiven. If you hide it and get caught, that will look bad on your part. Just make sure all payments are made and on time.
If you are looking to buy a new home, then they will look at things differently also. For FHA, even if you have a current FHA mortgage over 2 years old and you out grew your home because of family size, or moving closer to work, some realistic reason for moving...FHA will not make you refinance and could offer you another loan. If you have 25% equity in your present home and can support both paymentsyou should be ok. I hope this answers your question (I had to kinda guess at where you were going with this). Good Luck!

It depends on your loan contract whether or not it gives the right for the bank to call the note (existing balance) if possession changes from owner to non-owner.

I've heard some owners use a P.O. Box for mailing addresses for important mail that you want to protect and prevent mail theft.

You are allowed to have a equity line on a rental property. The one catch is that a rental property may have a higher interest rate compared to a primary residence. You should call the bank that holds the home equity line of credit and propose a hypothetical question to them without going into the fact that it's your property being discussed. Ask about the differences in equity line rates between a primary residence and a income property. Then you can make a decision on what to do next based on your personal financial situation. Hope this helps.

Best regards, Dave

Gigi, if you are no longer living in the home it is no longer considered owner occupied.

I would say it all depends on how honest you want to be and what your actual loan documents say. If you were the bank, would you want to know if somebody was not renting it whom has originally said they were living in it?

Most banks probably don't really care, as long as you keep making your payments. I personally would not worry about changing your address.