HELOC Drawing information and advice

[Todd Lansden]

Hello, 

With the upcoming possibility of a market correction I want to use a HELOC to take advantage of upcoming possible price drops within the market. With a HELOC, is it true you do not have to make payments on money you haven't drawn? Moreover, you only make payments on the money you have used? I understand it works as a credit card but many credit cards you have to make payments even if you do not use the money.

Thank you to all who has advised me in the past to now!

[Paul Dario Jr]

The HELOC I'm closing on doesn't require me to pay if there is no draw on the LOC. And then if I do draw it's interest only payments for 10 years.