HELOC with Variable Rate

[Patrick M.]

We have 50k cash available for down payment and own a property free and clear so would like to make use of a HELOC either for additional down payment, Reno's OR if we have all our cash tied up in a down payment using the HELOC as an emergency fund.

I'm concerned about the variable rate on most HELOCs. I'm trying to pay off HELOC money in 1 year or less which depending on the amount invested can be a heavy monthly payment.

Can someone that has used HELOCs extensively explain to me how they go about using that money either for down payments OR an emergency say a water heater OR a health issue?  And can/do your variable rates change that quickly? As in 1 month paying 3.99 the next you're at 6.5 for example?