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Just compare rates/closing costs/annual fees/appraisal fees/payoff requirements - across several HELOC providers. As was mentioned above, set up the HELOC at an amount that is more than you ever think you will need. You can generally go up to approx 80% of the equity you have in your home. If you are laid off, become self employed, retire, quit your job and your income tanks you will not be able generally to set up a line of credit. Do it now while your financials and income are good. It may only cost $40 - $50 per year to maintain the line of credit even once you've paid off these initial expenses.
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