There shouldn’t be any appraisal fees or closing costs. Most lenders will use your property tax as proof of your homes value. There should never be an account maintenance charge or any fees for writing checks. And, you should also be able to pay down the principal amount without any penalties.

Having the flexibility to make interest only payments is a huge plus. If you suddenly find yourself out of work, sick or injured, being able to pay a smaller interest payment could save you from losing your home. A variable rate that is adjusted quarterly is also much better than one that changes monthly.

If the lending institution that you’re trying to obtain a home equity line of credit through doesn’t offer these things, shop around. While you might not be able to find a lender that offers all of these advantages, you should be able to find one that offers most of them.