Question about Terms of HELOC

[Paul Ellington]

My wife and I are scheduled to close on a HELOC this upcoming week and throughout the process banks advertised interest only payments during the draw/advancement period of 10 years. When I received the final paperwork I noticed my minimum monthly payment was "the greater of $100 or the accrued finance charge, plus any fees and amounts past due." I interpret this to mean I owe $100/mo. regardless of whether I use it or not and that's in addition to the $100 annual fee that is waived if I accumulate over 100 dollars in interest over the year. My question to anyone with experience is, Is this a normal term for a HELOC or are there banks that will allow me to pay nothing unless I'm using the HELOC? I called around to roughly 10 banks to find one that offers a HELOC on an investment property and I'm wondering if that's why the terms are not what I originally anticipated. Any help would be appreciated and for what it's worth I think we will still close because at the current rate if I draw 25k out of the HELOC my monthly payment will be roughly $100 so I can then deploy the 25k and at least feel like my monthly payment isn't a waste. I'm hoping to use this money plus personal capital to buy and fix a house to later refinance (BRRRR) and repay what I borrowed on the HELOC. For $100/month having 25k to invest doesn't seem bad at all but someone reading this may disagree and I'd love to hear any opinions. Thanks!