Paid off investment home. Can I take a 1st mortgage on that property or must I go with a home equity loan?

My brother and I need cash for a business venture and would like to take a loan out against an residential investment property that we co-own free and clear. Is our only option a Home Equity Loan? Ideally we would like to take advantage of the lower rates of a standard mortgage.

I just paid off a home equity line off credit, credit-rating wise, should I keep it open or close it?

I don’t need the credit line really just want to know if keeping it open is bad or good for my credit.