All this spells bad news for both sellers and buyers.That report was buttressed by a news release two weeks ago from Sam Khater, Freddie Mac’s chief economist, who said: “Higher mortgage rates will lead to moderation from the blistering pace of housing activity that we have experienced coming out of the pandemic, ultimately resulting in a more balanced housing market.”https://www.eastvalleytribune....

I have heard though that I can extend the HELOC. 

This also seems unlikely and far out, as supply chain issues continue to persist, build times remain extended, and material costs remain elevated.

I'm conflicted since he's been paying on time for an extended period. 

There's a special key, that only I have, that releases the cylinder and installs a new one. 

I would get a lawyer to send them a letter demanding release.

Ninth consecutive week of gains and the highest volume in more than 11 years as the housing market continues to experience the release of unrealized pent-up demand from earlier this spring, as well as a gradual improvement in consumer confidence.Mortgage applications to purchase a home rose 4% last week from the previous week and a remarkable 21% higher than a year ago, according to the Mortgage Bankers Association.https://www.cnbc.com/2020/06/17/homebuyer-mortgage-demand-spikes-to-11-year-high-as-rates-hit-record-low.html

As rates have been low for an extended period of time and continue to be, some investors are starting to be ok with lower returns.

The company I use is closed for an extended time because of the holidays.Anyone recommend a trust worthy company?

As a couple others have said, offer to pay for his initial material and then release money as he completes the job.