Home Equity Loan / Line of Credit

If you own a property, you should apply for a home equity loan / line of credit.  It costs very little to apply, generally under $100 and sometimes is free.  It is another tool in your financial arsenal that gives you financial flexibility.  It is basically another layer of financial insurance for you.  Like all other loans, when you need them (due to loss of income or financial catastrophe) the banks won't give them to you but when you don't need them, the banks offer them to you.  As a result, you should apply for them if you are eligible even if you don't need the loan.  Be careful though.  If you draw on the home equity loan, you may end up owing more than your house is worth if housing prices drop.  This would be a bad situation.  As a result, only draw on this loan if you have exhausted your emergency and reserve funds.