I'm having a brain freeze, and could use a little help. We have a customer who is taking out a HELOC on their primary dwelling with the initial purpose of purchasing a 2nd home. Is the initial advance (for the purchase of the home) exempt from rescission. I think as I type this question out, I'm going to say it is not, only residential mortgage transactions are exempt, and this would not be an RMT as it is not to purchase a primary dwelling.

Thoughts?

Thanks in advance for the confirmation!

I agree. It's not exempt.

I also agree.

Thanks! Like I said, I must have just needed to type the question out in order to answer it for myself!

sometimes that just works!

And then you go...why did I ask that?