Is there a way to make sure my HELOC will be there when I need it?

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I have a HELOC with a zero balance, had it for a few years, and I've only used it once for a few weeks. The intent is to use it as an emergency account if something unforeseen happens.

My credit is excellent, and I'm in an area of the country where home values haven't been falling significantly. I have 80% LTV on my first mortgage, 90% LTV if I drain the whole HELOC.

Recently, banks have been freezing HELOCs - not just new HELOCs and reducing credit limits for current customers. I pay $65.00/year for the peace of mind that I have an emergency cash source, but if HELOCs are being frozen, I don't really have that peace of mind.

Is there a way to get an "unfreezable" HELOC or otherwise protect my ability to get loans?

Is there a way to make sure my HELOC will be there when I need it?

Talk to your banker for the details. I have been working in banking for 6 years. We are not freezing our HELOC's.

Is there a way to make sure my HELOC will be there when I need it?

Just be careful not to tie the money up for too long. The penalty for cashing in a CD before maturity is very high. Report It

Is there a way to make sure my HELOC will be there when I need it?

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