I'm not convinced that taking out a HELOC now would be irresponsible in all cases. Let's say that you are 80% into your mortgage. You lost your job in March bc of COVID-19. Your next three mortgage payments are coming due in June and you still don't have an income. A HELOC would be a good way to push off a foreclosure. If you can't come up with those 4 months of mortgage payments you will be giving up the 60% equity you built up in your home.