Can you please teach me about Heloc

[Mary Jay]

I want to take a Heloc but always was scared of it...

I want to open it just in case, sort of like if I lose my job, etc...

1) Do I understand correctly, if I open a HELOC but do not borrow the money, then this I do not owe any payments to the mortgage company? Lets say I open a HELOC for 50K and do not take anything out. Then I dont owe anything, right? But lets say, if I lose my job, and have no money to pay my mortgage, then I can use that money and only then I will be charged interest on it, right?

2) Are there any HELOC companies that open Heloc not on primary residence? (Besides PenFed, I have four properties and they dont do it for more than 3 properties)

Thank you guys!