Last year my mother passed away and her house went through probate and was put into my name in January. It is paid for, and I was wondering if I could get a line of credit or HELOC on a piece of property that doesn't have a first mortgage. The house is on the market, but with today's economy it might take months or years to sell. I need a line of credit to pay the taxes, insurance and general upkeep of the house. I don't use this as a primary residence.
You should be able to find what you're looking for. It's not necessary to have a conventional mortgage in place before you can apply for a HELOC from many lenders.
Check with your bank, and be candid about what you are doing. Make sure you find out if there will be a penalty clause that will activate if you are fortunate enough to find a willing and able buyer in under a year, often called a pre-payment or early closeout penalty.
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You should be able to find what you're looking for. It's not necessary to have a conventional mortgage in place before you can apply for a HELOC from many lenders.