“Always consider your other options,” says Filip Telibasa, certified financial planner and owner of Benzina Wealth in Sarasota, FL. Since accessing your equity means paying interest, consider other sources that may be more advantageous.

“First, take a look at your investment accounts,” says Telibasa. “Can you liquidate any of these funds without paying high fees or taxes?”

When reviewing your options for accessing a large amount of cash, “your timeline is important too,” says Telibasa. A HELOC needs to go through underwriting, “and the turnaround may surpass your specific emergency.”