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-   -   House paid off, still have open HELOC with no balance (http://slickdeals.net/f/5854922-House-paid-off-still-have-open-HELOC-with-no-balance)

vaultaddict 02-13-2013 01:41 PM
House paid off, still have open HELOC with no balance
 
Any reasons not to keep the HELOC open as an emergency fund?

No fees for keeping it open.

BreakingTheBank 02-13-2013 02:25 PM
Are you looking to purchase a new house?

vaultaddict 02-13-2013 02:26 PM
Quote:
Originally Posted by BreakingTheBank (Post 57561010)
Are you looking to purchase a new house?
Not anytime soon.

BreakingTheBank 02-13-2013 02:28 PM
I would leave it open. They might eventually close it for inactivity though. I would say to check with the bank on that.

rajiv 02-14-2013 06:44 AM
I am in same situation but my Charter One bank charges $50 per year to keep it open. Which bamk you are with?

vaultaddict 02-14-2013 06:45 AM
Quote:
Originally Posted by rajiv (Post 57572614)
I am in same situation but my Charter One bank charges $50 per year to keep it open. Which bamk you are with?
Huntington

TheLoop 02-22-2013 09:38 AM
I would keep it open, its probably thew cheapest cash you can get in case of an emergency, or if you wanted to borrow cheaply to invest elsewhere.


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