 Quote:
Originally Posted by rayvt
A HELOC is not an emergency fund. Every HELOC I've had (two) had a clause right there in it that said the bank could decline to advance you any money whenever they wanted to.Better not count on taking a draw and depositing the money into another account at the same bank, either. There was also a clause giving them the right to offset---take money from another of your accounts and apply as a payment to the HELOC.
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Im my situation a HELOC is more of an investment tool,than an emergency fund.I invest in real estate and the bulk of my properties are free and clear and cashflow nicely.Quite frankly I hate debt,but without the leveraging power of money,I'd still be a wage slave. 
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