Can You Use a HELOC as an Emergency Fund?

The cool thing about a HELOC, is that you apply one time, and once approved, you get unlimited use of the funds during the drawing period *(usually the first 10 years).. So, yes.. it can be used as an emergency fund.. but there is one danger.. the lender can at anytime close your drawing benefits.. This happened to a lot of people in 2008 (myself included) when the home values plummeted, lenders who had open HELOC's, disallowed any draws to protect themselves.. Another thing that could happen is if you fall behind on other obligations, and the lender finds out, they could cancel your drawing options.. Aside from that, HELOC's are very useful.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893