<prompt> Human: I was just laid off unexpectedly at my job and am a little worried about my finances. I was an independent contractor so I am not eligible for unemployment pay as I dont pay into that system. I am currently on a 15 year mortgage for my house, which is worth about 198k. I have 170k left on the mortgage. My payments are about 1200 a month, and 170 or so for insurance. I have been planning on refinancing to a 30 year once I hit 20 equity but now I dont know if Ill be able to do that without any income, or be able to refinance to tap into that equity. Is it possible to refinance to a 30 year for 198k and just start over with the 35k in my checking with payments that are half as much?My credit rating is 724722. I do have over 30k in credit limits but not sure how that changes as my income goes away. I absolutely dont want to use credit cards for anything unless its a last resort. I have 7k in savings as Ive been paying debt down pretty aggressively but Im sure that wont last long. I also have a tenant in a room paying 400 in rent per month which helps. Im working to add another now. How can I use this home equity as an emergency fund as I look for another job? Im terrified that Ill have to sell my house. Luckily I dont have a spouse or kids so that part is simpler. Of course if I can just get a job quickly this will all be fine but I want to prepare for the worst case scenario. Any help is greatly appreciated. Assistant: How can I use this home equity as an emergency fund as I look for another job?You can apply for a home equity line of credit HELOC. Check with your favorite bank. Good luck! Human: Thanks what is a typical interest rate for these? And Im assuming this would put a lien on my house?  <response>: Work for a major bank as a HELOC underwriter. I would say with 99.99 certainty that no lender would go through with a HELOC without an income source. Same with a mortgage refinance. I wouldnt waste your time going this route. 