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We have a HELOC open at up to 50% of our home's value. We have no mortgage and no balance on the HELOC. I keep it open just for emergencies. It had a fee of $98 a year but the past 2 years I have called and explained that there is no balance and the fee has been waived.
This is a HELOC that we got in 2003 to pay off our 7% mortgage and do some home projects. The HELOC rate was 3.5%. Now, we just never closed it so that it can be an emergency fund.
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