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Most financial advisors recommend keeping an emergency fund of 3 to 6 months salary. If you, like most, don’t have that money on hand, saving it during a bear market can prove quite problematic. One great option for those who do not have an emergency fund but own a home is a Home Equity Line Of Credit or HELOC. A HELOC, like a home equity loan, requires property to be pledged as security for the loan. However, unlike a home equity loan, the borrower is not issued the entire sum up front; instead, the borrower is able to draw on those funds as necessary typically using special checks, or in some cases, using a credit card. So, a HELOC allows you to apply now for the loan while in a strong financial situation, and then use the funds only in the event you need them. Many consumers believe keeping an emergency fund is unnecessary because they have credit cards; a HELOC is a better option than a credit card in an emergency because its interest rate should be lower and in most cases the interest is tax deductible.