Given Current News, would you Refi/ HELOC?

[Janelle Hicks]

So I live in the Permian Basin, and we are getting hut hard by the drop in oil prices. Right this second my house is worth about 260k and we owe 130k. I had planned to do either a HELOC or a cash out refi to have cash on hand for investing more, but with the current conditions I expect it will soon go down in value. I also have 2 rental properties that have been doing well, but will make much less ( still cashflow $300/ month each) if mass layoffs occur and oilfield workers leave town. And I and my husband have good, secure, well paying jobs and some cash reserves. We plan to live in this home at least 2 more years, more if the economy is awful. Given all that, would you still take out a HELOC just to secure some cash on hand to take advantage of the potential downturn in the market to buy more investment properties? Even if it put you at risk of being potentially underwater on your house? Would a Cash out refi or a HeLOC be better? I've also looked at Figure.com for their HEL loan, just because with everything going on I'm attracted to the possibility of a 5 day close.