HELOCs are guaranteed to be there when you need it. Lenders track usage of HELOCs as well as other types of credit. When you pattern changes, they can reduce the credit limit on their whim with no notice. Credit card issues do the same thing. Another person mentioned this too, but I just got off the phone with the lender and they said as long as payments are made on time, they do not adjust the limit. It's USAA, not sure if that makes a difference. Are they lying? I have not applied so have not seen the actual loan documentation yet. Just exploring options. I think that answers the main problem with HELOC's, though. Thanks.
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