literation;316142 wroteReads like risk tolerance to me, I mentioned it due to this:
"A home equity line of credit (often called HELOC and pronounced HEE-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's equity in his/her house (akin to a second mortgage)."
I don't think you understand the product or the inherent benefits. If you need $10k to fund flight school, for example, it shouldn't be that difficult to come up with $33/month (($10k x 4%)/12 months), versus $167/month ($10k x 4%)/12 months with a credit card (some credit cards currently charge 29% annually). If you have a total equity plan with your house purchase, you can typically borrow up to 75% of the FMV of your property.
Another option with this plan is you can always turn your current line of credit balance into a separate mortgage at current rates. So if you owe $10k on your line, you can set up a one year fixed mortgage for $10k at 2.59% (current rates). Thereby effectively reducing the interest rates even further.
I often do this with my current mortgage which is at a higher interest rate (approx. 3.6%). I prepay 15% using my line of credit and then set up a separate mortgage at 2.59%, reducing the overall effective interest rate.
If you ever need to borrow money quickly to buy a car, home renovation, etc., it saves going to the bank every time to qualify for a new loan.