Lenders have been known to cut or cancel HELOCs without notice. That is why you don't want to rely on a HELOC for emergencies. What if you pay off the mortgage by draining your efund and then lose your job? There will still be bills that need to be paid but now you have no money. It's a gamble that's not worth taking. If your goal is to loosen up cashflow, what have you done to increase your income and decrease your expenses?-Steph
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