My house (co-op) is paid in full. I am looking at HELOCs at my local credit union and the rates and terms seem to be pretty great right now. Low rates, no closing costs, etc. same place that issued the original mortgage.
Is it prudent to apply for a HELOC even though I do not have an immediate use for it? Maybe I would consider a real estate deal if something interesting came up. Seems like I should have one just to have it, because, why not? Just a big extra emergency fund or opportunity fund right?
Any reason not to? What am I missing?