<prompt> Human: Earlier this year I started to become concerned that the roof on my house 50 y.o house with 18 y.o shingle roof was in need of replacement. Since I dont have all the cash Id need on hand to open an account I started the process for a HELOC through my credit union. The terms are 5.5 APR for a 20K loan. There is a one time walk-through appraisal fee of 400 and a yearly fee of 50. I had the appraisal done, submitted the paperwork and waited for closing.That was a few months ago. Since then I have looked over my roof and realized that I could probably get another 2-3 years out of it before I have to replace it. The shingles themselves are still in decent shape and while some of the decking is soft there arent any visible leaks or any issues that can be seen without first removing the roof. That leaves me with two options - sit on the loan and pay the yearly fee until I need it, or cancel the closing and be out of the appraisal fee but not have to worry about the loan and restart the process when the roof really needs replacement.My gut tells me to keep the loan, pay the yearly fee and just have the peace of mind in knowing that I have the money for a roof when I need it. But Im not sure how having the loan sitting there without any activity would effect me or my credit rating, even if I dont utilize any amount of the loan for a few years. In the meantime, I know I wont be tempted to use the loan for frivolous things so Im unconcerned with that.So, should I keep the loan and sit on it for a few years until I am in fact ready for a roof, or cancel?  <response>: I have heard people setting up a HELOC and just using it as a rainy day fund and paying the yearly fee.You probably dont have to borrow the 20k from it until you need it and thus you can probably not pay 5.5 while you wait.I would keep the HELOC in place and just not borrow from it except in emergencies. 50y isnt bad for such a good source of on demand financing. 