HELOC Question - Monthly Payment

ING Direct offers a 100% FREE Home Equity Line of Credit. I've been
trying to educate myself on HELOCs and I can't quite find the answer
to this very simple question:

Let's say I open a HELOC for $50000, never ever touch it or use it.
Do I have to pay a monthly payment?

The reason I ask if that when I proceed through the ING HELOC
application, it tells me what my monthly payment will be. I thought
the whole point with HELOCs was that you only pay for what you draw.
I'm not drawing anything, I just want it there in case of emergency.

Are they saying that I have to pay X amount every month just keep the
line open?

Cheers,
Skadar

READ THE CONTRACT!  What does it say?

What does "100% FREE" mean?  No origination fees?  No interest?

In general, there is a minimum monthly payment on a HELOC, a certain
percentage of the outstanding balance or a specific dollar amount for low
balances.  If there is no outstanding balance, there is no payment.

HOWEVER, each contract is different, so read it.

They are maybe showing what the payment would look like if you had the full
$50K outstanding.

When we had a HELOC, it was prime +0%, interest only for 10 years. When I
had no balance on it, there was no payment due. When there was an
outstanding balance, the payment was the interest only on that outstanding
balance.

The best thing to do is call ING or whover is providing the HELOC and ASK
them exactly so that you will know for sure.

Tracey in CT